Three banksdowngradeto credit institutions
Uganda, March 27 -- The Bank of Uganda has approved an application by three Commercial Banks to downgrade their operations to Credit Institutions.
The three commercial banks according to BoU are; ABC Capital Bank (U) Limited, Guaranty Trust Bank (U) Limited, and Opportunity Bank Limited.
These banks have been authorized a three-month period to transition starting from April 1, 2024, to June 30, 2024.
In a public notice assigned by Deputy Governor Michael Atingi-Ego, the three-month transition period will allow these commercial banks to make adequate arrangements to phase out products and processes that require a Tier I license.
"This is intended to ensure a smooth service transition for their customers and to mitigate any disruption t...
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