By our reporter
Early this week, The Parliamentary Committee of ICT probed Bank of Uganda officials over why some telecommunications companies have been authorized to offer banking services.
The MPs were concerned that mobile telephone companies are operating as financial institutions, yet they are not under the financial institutions’ act.
The committee wondered if it was proper for telecoms to charge 15% interest, and blamed the BoU officials for defending the status quo instead of listening to the information being given to them and acting on it.
BoU officials did not adequately answer the legislators’ queries and were sent away.
However, the committee chairperson Annet Nyakechwo told the officials to return when they are ready to avail the asked for information.
Justine Bagyenda, the Director in charge of supervision who is under spotlight for her questionable accumulated wealth was among the grilled officials.
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