Day: February 3, 2020

By Elite Reporter Popular commercial bank Diamond Trust Bank (DTB) is embroiled in a number of scandals that risk sparking off a crisis in Uganda's financial sector. The banking sector is supposed to be the backbone of the financial sector and the economy at large but it seems commercial banks often times operate in a way that is detrimental to the development of the country. This leaves Bank of Uganda, the regulator of commercial banks, with a tough job to do; not only to ensure that the financial sector is run well but also to protect depositors' money. Sometimes commercial banks are too smart in their fraudulent operations to be detected by the Central Bank, when defrauding unsuspecting customers by deducting varying amounts of cash from customers’ accounts. Information ...