Credit institutions in the euro area may have trimmed their balance sheets by slightly more than 15% between 2008 and the end of 2015, and German banks have shrunk their balance sheets by roughly 30%. However, you must remember that the European banking sector previously experienced immense balance sheet growth.
This development will go along way to enhance the payment system by facilitating customer payments for utilities and purchases using debit cards. Licensing of the inter-bank switching system marks a significant step in Bank of Uganda’s efforts to widen the financial sector, which will result into the creation of a wider range of delivery channels to banks.