Bank of Uganda has been called upon to regulate financial institutions that corn unsuspecting public of their money.
The call was made by the Kabale Resident district Commissioner Darius Nandida at the official opening of a two day bank of Uganda town hall meeting with opinion leaders at Cephas Inn on Makanga Hill.
The RDC noted that many companies like COWE and Vision Financial Services have in the past stolen money from the public and Bank of Uganda has remained quiet about the issue.
Nandida also challenged BoU to define the operations of money changers especially on Ugandas boarders because they lend money to public servants and charge unregulated interest rates.
Dr. Adam Mugume, the Executive Director Research BoU wondered how careless and hopeless majority of Ugandans are that they rush to make financial decisions without consulting.
He however said BoU would work closely with Micro Finance regulatory authority to offer cheques and Balances to financial institutions.
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