Uganda’s Central Bank Bank of Uganda (BOU) has issued a warning against engaging in financial dealings with unlicensed and unregulated financial schemes as they expose the public to risk of financial loss.
Speaking a media briefing of the East Africa Banking Fraud and ICT Summit this morning, Mrs. Justine Bagyenda who is also the Director of Supervision at the Bank of Uganda noted strongly that the public are easily misled into transactions that government has no control over, and urged the media to boldly carry the message.
Speaking on behalf of the Bank whose main purpose is to foster price stability and a sound financial system Mrs. Bagyenda reminded the media that institutions offering forex trading or pyramid schemes (Telex Free and others) are not regulated by the government.
The briefing took place at the Sheraton Hotel, Kampala, ahead of next week’s summit that’s supported by the National Information Technology Authority, Bank of Uganda, Microsoft Africa, ICT Association of Uganda, Kaspersky Africa among other entities.
It should be noted that the government of Rwanda banned the operations of P.L.I Telexfree Rwanda Ltd, citing money laundering of more than USD 10 Million in the country.
The Telexfree frenzy has hit Uganda in the recent months with many people being attracted by the simplicity of its work.