These are important to allow effective legal powers for supervisory intervention and require an ongoing commitment to periodically update them in light of emerging supervisory best practice and industry developments;  •  A third element, which I’ve already spoken about, is a supervisory philosophy that encourages challenge of firms and that problems are tackled decisively and definitively, rather than being allowed to fester, even if that is uncomfortable or inconvenient; and  •  The final element is a supervisory institution that is independent.
In 2018, access to financial services benefited from the introduction of agency banking. Uganda has recently issued regulations for Islamic banking and preparations are underway for the introduction of the first Islamic financial products.