money

Central bank hopes new regulations will improve digital banking

By Alice Lubwama

The central bank is working on regulations that will improve digital banking in the country.

While speaking at the launch of Brac Uganda bank limited,the director in charge of national payments in the central bank, Mackey Aumo said that the regulations will enable to stream line the business and also allow different players to participate in money transfer and lending .

Uganda is the first county in Africa to have Brac bank.

Brac has been operating in Uganda as micro finance institution since 2006,providing financial services to low income communities.

The institution has 163 branches in 84 districts of Uganda with over 200,000 customers.

The executive director of Brac Uganda Jimmy Adiga said that they will target the house holds through women and youth because they are committed to work.

Adiga adds that they will also provide micro insurance to all it’s customers.

Adiga also said that they have upgraded 32 out of their 163 outlets in Uganda to meet the required bank of Uganda standards for tier2 institutions.

According to bank of Uganda rating tier2 are credit institutions but not fully fledged commercial banks.

Brac is the 4th tier2 credit institution in Uganda joining mercantile credit bank,post bank, and opportunity bank .

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