OPINION: The Rotten Banking System

Bank of Uganda
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In Uganda Commercial Banks will mysteriously/ fraudulently have money withdrawn from your accounts and then have you toil in order to have the said money credited back to one’s account.
Sadly, Bank of Uganda and Financial Intelligence Authority have not done much to help the victims as they consider these criminal and civil cases for which the victims can either institute criminal charges or civil suits, hence giving banks ago ahead in continuing to commit the said vice since an individual can hardly match the financial and legal muscle of these foreign banks in Uganda.
Bank of Uganda and Financial intelligence Authority have totally disregarded their supervisory role in monitoring and streamlining the operations of commercial banks in this area.
Case in point is Ham’s situation where Bank of Uganda and Financial intelligence Authority had to pick interest from the onset considering that DTB Kenya not only fraudulently withdrew monies from Hams accounts but also operated in Uganda illegally as it didn’t have an operational license as required or stipulated under sections 4 and 117 of the financial intelligence authority Act.

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Ugandans’ only hope is in the judiciary and the much awaited decision of the Supreme Court will help Ugandans deal with Banks and financial institutions which deliberately undermine the laws of Uganda by being involved in illegalities knowing they will maneuver around the system and there won’t be any penalties for their illegalities simply because Uganda is everyone’s playing ground.
Justice must prevail and an illegality will always remain an illegality irrespective of the clothing it is given…

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Hustlers Movement Uganda
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