Your Excellency, Bank of Uganda together with Ministry of Finance, Planning and Economic Development has proposed amendments to the Financial Institutions Act 2004, to improve Agent Banking and Islamic Banking. Once these Amendments become law and coupled with the innovations in the mobile money transfer services, we hope that the financially excluded population of 15% will be in position to access financial services.
While we have been focused on mid-sized and larger organizations, internal controls are also important to smaller organizations. Many failures of community banks are due to breakdowns in internal controls, thus increasing operational risk. In smaller organizations, the segregation of duties and ability to hire expertise for specialized areas is more difficult.