Bank of Uganda has expressed its support for customers who have recently taken to the public to express their concerns after discovering money missing from their bank accounts. The regulator has stated that this action prompts the responsible financial institution to take swift measures to address the issue.
The Head of Public Education at BOU, Jonah Waiswa, mentioned that in light of the growing number of complaints, the regulator is pleased that the public is becoming aware of their rights and is no longer remaining silent. However, he cautioned that some customers’ reactions may not be the best approach for maintaining good public relations with the banks.
This statement comes in response to a recent outcry from the public regarding the safety of customer deposits within the banking system. Two notable incidents involved Centenary Bank and Equity Bank Uganda. In the Equity Bank incident, a man filmed himself expressing frustration about the lack of response from the bank staff after discovering that 10 million shillings were missing from his account.
The bank issued a statement confirming that they were investigating the matter, and the outcome would determine the course of action to address the customer’s situation. At Centenary Bank, a woman who had found about 113 million shillings missing from her account was seen being comforted by banking staff.
Centenary Bank subsequently released a statement indicating their intention to investigate the situation. A day later, it was revealed that a staff member had collaborated with a fraudster to manipulate the personal identification number (PIN) and transfer the money, which they later withdrew from various bank agents.
Waiswa, who is part of the BOU team involved in a nationwide financial literacy program known as “BOU Town Hall Meetings,” explained that most fraud occurs when the perpetrator gains access to customers’ personal details, particularly those whose accounts are linked to their mobile phone numbers.
He argued that in many cases, even the banks are unaware of the theft until it is reported. According to Waiswa, this allows the bank to promptly halt any activity on the affected account until the owner resolves the matter. He urged customers who lose their mobile phones or any personal details to report the incident to their banks immediately, even before filing a police report for the loss of their belongings.
