BREAKING: BoU Confirms Closure of Another Bank; Clients Told to Withdraw Their Money

Uganda’s central bank, Bank of Uganda (BoU), has approved Afriland First Bank Uganda Limited’s request for voluntary liquidation, Deputy Governor Michael Atingi-Ego has confirmed. 

Atingi-Ego noted that Afriland First Bank Uganda Limited’s decision for voluntary liquidation was an outcome of a strategic business review by the shareholders-Afriland First Group. The bank’s request was approved on Monday, May 25.

“Bank of Uganda (BoU), in exercise of its powers under Section 98 (1) of the Financial Institutions Act, 2004 (as amended), on Wednesday 25^th May 2022, approved a request from Afriland First Bank Uganda Limited, to apply to the High Court for Voluntary Liquidation,” explained the deputy governor.

Atingi-Ego’s central bank has since guided Afriland First Bank Uganda Limited clients and creditors on what to do next, assuring them that they will not lose their money.

“Bank of Uganda hereby informs the public that Afriland First Bank Uganda Limited is a solvent Financial Institution. Therefore, all depositors and other verified creditors shall be paid in full,” noted the deputy governor.

“All depositors of Afriland First Bank Uganda Limited are encouraged to withdraw their deposits from Afriland First Bank Uganda Limited’s premises. All other verified creditors shall be paid in full by the Liquidator that has been appointed by shareholders of Afriland First Bank Uganda Limited.”

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