Uganda’s Central Bank

Bank clients in Uganda have called upon government to set up an independent body to conduct a special audit into the operations of the Central Bank and the commercial banks in the country.

The call has been made by the chairperson of the Bank Customers’ Rights Protection Organisation, Nabunya Ntege at a time the central bank is on spot for failure to do its over sight role in operations of most commercial banks.

Nabunya says that many bank customers have had their property fraudulently taken by workers in these banks after they allegedly defaulted on loan repayment.

She argues that the special audit will help foster morals, ethics and integrity in the sector.

The post Ugandan Bank clients want government audits into the Central and Commercial Banks first appeared on Uganda Multimedia News & Information.

The four  included  Tonny Yawe ,Wilbert okello  Brght Atwiine and Amon Takwenda  who  were first grilled by the committee and found out that  they could lead to disclosure of persons who involved in a fraudulent scam in which 14.8 billion shillings was transferred from bank of Uganda  Account using forged bank statement after being  Authorized by officials from the ministry of finance.

Tonny Yawe and Wilbert Okello all IT officials in the ministry of finance are being suspected of defaulting the Application pass word for the computer which is used to authorize payment transfer.

Mps  paul mwiru , Maxwell Akora, Henry musazsizi and Bihande said that  yawe and Okello  could have left the defaulted the application pass word and left the computer open for the scam to be effected by any one in their racket and cause  government to lose 14.8 billion shillings.

Mps also quizzed Amon Takwenda who is in charge of collecting bank statements for the ministry of finance from bank of Uganda on how he collected the forged bank statement from bank of Uganda which caused the scam without reorganizing the person gave it to him.

However the senior Accountant in the ministry of finance who is also suspected to have involved in the scam Bright Atwiine told mps that the scam could have been coordinated by the IT officers in the ministry of finance and some individuals in bank of Uganda.

Ms Bright Atwiine who cried before the committee on her thinking that it’s a clique of staff within treasury in the ministry of finance who could have master minded the scam which has implicated her.

Mps however quizzed Ms bright Atwiine to why she did not carry out a due diligence before seeking for authorization for the transfer of 14.8 billion shillings.

The post MPs pin ministry of finance officials over missing 15 billion Karamoja funds first appeared on Uganda Multimedia News & Information.

This was during the central banks officials interface with the members of parliament on the parliamentary committee on national economy chaired by Buliisa county mp Steven Birahwa Mukitale.

Bagenda says that commercial banks are responding positively and are reducing their interest rates but says that central bank is worried about the slow pace at which commercial banks are effecting the reductions.

She says that the changes in the interest rates are commensurate with the changes made by central bank which she says as unfortunate.

She adds that although the Central Bank has limited powers over commercial banks since Uganda is operating under liberalized economy, engagements are ongoing and changes will be realized soon.

In November 2011 interest rates were at 30% in most of the commercial banks but a recent mini survey carried out by KFM shows that most banks have reduced their rates to between 21 to 23%

The post Banks urged to reduce lending rates further first appeared on Uganda Multimedia News & Information.

A number of commercial banks have been cutting lending rates following continued appeals by the governor over high lending rates despite cuts in central bank rates.

Announcing the monthly central bank rate Mutebile said that he has noticed some reductions in lending rates by commercial banks.

The central bank rate has now been set at 13% from 15% last month.

Meanwhile the governor says he does not expect any further reduction in inflation rates because it might have negative economic implications for Uganda.

The post Mutebile hails commercial banks on lending rates first appeared on Uganda Multimedia News & Information.

The Bank of Uganda has announced that Stanbic bank Uganda Limited was the best performing primary dealer in Uganda government securities during the month of August 2012.

The governor bank of Uganda, Tumusiime Mutebile also announces that for the previous 12 months the best performing primary dealers in Uganda security exchange were:

August 2011 Stanbic Bank

September 2011 Stanbic Bank

October 2011 Stanbic Bank

November 2011 Standard Chartered Bank Uganda Limited

December 2011 Stanbic Bank Uganda Limited

January 2012 DFCU bank Uganda Limited

February 2012 Stanbic Bank Uganda limited

March 2012 Standard Chartered Bank Uganda Limited

April 2012 Standard Chartered Bank Uganda Limited

May 2012 Standard Chartered Bank Uganda Limited

June 2012 Stanbic Bank Uganda Limited

July 2012 Stanbic Bank Uganda Limited

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Shield your hand with paper sheet or envelop and enter the pin code under this cover!  Ensure that the card slots are set within the body of the ATM machine and not protruding above it.

A customer can easily spot any tampering if you are using a familiar ATM machine. So you may also check for false keyboards. Most ATM keyboards are set within the body and are not protruding above the base. If you see any strange gadget installed don’t insert your ATM card and immediately inform the security immediately. You may also look out for miniature cameras that can photography your pin code entry. So in this article we give tips on how to protect your card and pin numbers:

Your ATM card is a key to your money safety and so guard it well. Don’t expose your ATM pin number to any person irrespective of relationship because that person may fraudulently draw your money without your permission or knowledge.

The bank takes no responsibility for such loses especially at the workplace and at home at all times. Avoid so called good Samaritans or sympathizers who are quick to offer assistance whenever they find you have challenges at the ATM. Guard against possible imposters posing as bank workers on off site ATMs. Banks don’t have demonstrators at the ATMs off sites. Customers are also asked to monitor regularly their bank account balances in order to quickly spot anomalies and minimise loses.

The post How can you protect yourself against ATM skimming? first appeared on Uganda Multimedia News & Information.

On 30^th August 2012, as a result of the vigilance of a certain staff member of Stanbic bank at Nateete branch in Kampala, four Bulgarian nationals who had reportedly installed ATM skimming devices at the ATM machine were intercepted and handed them over to the police.

Stanbic bank has a processes and procedures to ensure that there is continuous monitoring of ATMs in order to protect customers and their money.

But the police spokesperson for Kampala, Ibin Senkumbi says that ATM fraud is a growing problem which the banks can not solve alone. Therefore the police have called upon bank clients and the general public to join police in fighting ATM fraud. In ATM skimming, criminals and thieves use hidden electronic devices e.g. cameras and card readers to steal personal information on ATM cards.

Police says that the first part of the skimmer is a card reader over the ATM’s real card slot. When a bank customer slides his or her card into the ATM, s/he is unknowingly sliding it through the counterfeit reader, which scans and stores all the information on the magnetic strip.

However to gain full access to a customer’s bank account on an ATM, the thieves  still need your pin number. That is where cameras come in hidden on or near the ATM’s tiny spy cameras are positioned to get a clear view of the keyboard and record all the ATM’s pin action.

So customers are advised to always pay attention to objects mounted on the ATM or located close by a pinhole of off color piece of plastic could give away the camera’s hiding place. Cameras also could even be hidden in brochure racks.

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The police have summoned Kampala Central MP Mohammad Nsereko to appear before senior police detectives led by police Commissioner, Charles Kataratambi on Thursday this running week.

MP Nsereko expressed his willingness to honour the summons and he said they were delivered to him through the Speaker of Parliament on Friday last week.

He is needed to record a statement in regard to an investigation into the money laundering of 290 million shillings from Crane Bank.

The MP was briefly arrested and detained at Central Police Station under preventive arrest because the police suspected that traders could protest its investigations into the MP’s suspicious money deals.

Police sources told us that a group of money laundering thugs reportedly colluded with bank workers and wired the money abroad and withdrawn in Germany, Kenya and London by several people including MP Nsereko.

Police investigations reveal that the money was wired by one of the daughters of Captain Juma who works at Crane Bank.

The post How fraud stars collude with bank workers to withdraw money on peoples’ bank accounts first appeared on Uganda Multimedia News & Information.

Swift Code normally required for international money transfers is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank.
The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.
First 4 characters – bank code (only letters)
Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
Next 2 characters – location code (letters and digits) (passive participant will have “1” in the second character)
Last 3 characters – branch code, optional (‘XXX’ for primary office) (letters and digits)

The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium. SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

Here is a list of Uganda banks and their respective swiftcodes. These SWIFT codes are only the active participants who are connected to SWIFT network. The passive participant’s codes are excluded from the list.

No Bank or  Institution City Branch Name Swift Code
1 BANK OF AFRICA-UGANDA LTD. KAMPALA                         AFRIUGKAXXX
2 BANK OF BARODA (UGANDA) LIMITED KAMPALA           BARBUGKAXXX
3 BANK OF UGANDA KAMPALA (LETTERS OF CREDIT PROCESSING)                       UGBAUGKABKG
4 BANK OF UGANDA KAMPALA                                                   UGBAUGKAXXX
5 BARCLAYS BANK OF UGANDA LTD. KAMPALA                        BARCUGKXXXX
6 CAIRO INTERNATIONAL BANK LTD KAMPALA                               CAIEUGKAXXX
7 CAPITAL FINANCE CORPORATION LTD KAMPALA                      ABCFUGKAXXX
8 CENTENARY RURAL DEVELOPMENT BANK LIMITED KAMPALA            CERBUGKAXXX
9 CITIBANK UGANDA LIMITED KAMPALA (TRADE SERVICES DEPT)                CITIUGKATRD
10 CITIBANK UGANDA LIMITED KAMPALA                                               CITIUGKAXXX
11 CRANE BANK LTD KAMPALA                                                  CRANUGKAXXX
12 DFCU BANK KAMPALA                                                             DFCUUGKAXXX
13 DIAMOND TRUST BANK UGANDA LIMITED KAMPALA                DTKEUGKAXXX
14 EAST AFRICAN DEVELOPMENT BANK KAMPALA                       AFDEUGKAXXX
15 ECOBANK UGANDA KAMPALA                                         ECOCUGKAXXX
16 EQUITY BANK UGANDA LTD KAMPALA                        EQBLUGKAXXX
17 FINA BANK LIMITED KAMPALA                                         FBAKUGKAXXX
18 GLOBAL TRUST BANK UGANDA KAMPALA                                                                         GLTBUGKAXXX
19 HOUSING FINANCE BANK LTD. KAMPALA                                                                          HFINUGKAXXX
20 KCB BANK UGANDA LIMITED KAMPALA                                                                               KCBLUGKAXXX
21 NATIONAL BANK OF COMMERCE (UGANDA) LTD KAMPALA                                        NACOUGKAXXX
22 ORIENT BANK LIMITED KAMPALA                                                                                             ORINUGKAXXX
23 POSTBANK UGANDA LIMITED KAMPALA                                                                               UGPBUGKAXXX
24 STANBIC BANK UGANDA LIMITED KAMPALA                                                                      SBICUGKXXXX
25 STANDARD CHARTERED BANK UGANDA LIMITED KAMPALA (SECURITIES SERVICES UNIT)                        SCBLUGKASSU
26 STANDARD CHARTERED BANK UGANDA LIMITED KAMPALA                                         SCBLUGKAXXX
27 TROPICAL BANK LTD KAMPALA                                                                                                    TROAUGKAXXX
28 UGANDA DEVELOPMENT BANK LTD KAMPALA                                                                    UGDBUGKAXXX
29 UGANDA SECURITIES EXCHANGE LTD KAMPALA                                                               USCDUGKAXXX
30 UNITED BANK FOR AFRICA (UGANDA) LTD KAMPALA                                            UNAFUGKAXXX

The post Uganda Banks Swift codes for transfers first appeared on Uganda Multimedia News & Information.

Centenary Bank as one of the banking institutions whose foundation sits on creating a better life of the people of Uganda and East African countries in general, it has put in places a number of banking projects that has attracted thousands of Ugandans to bank with it.

The Corporate Affairs and Communications manager of Centenary Bank, Allen Ayebare says that centenary bank is Uganda’s leading microfinance bank serving customers with 53 branches and 101 ATM centres across the country.

She says, “We (centenary bank) have been trusted by over 1 million customers, a third of the total banking population of Uganda. Our mission is to provide appropriate financial services especially micro finance to all people in Uganda in a sustainable manner and in accordance with the laws and regulations of Uganda.”

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