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Analysis of Bank of Uganda Regulatory and Legal Framework Governing Commercial Banks in Uganda

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Analysis of Bank of Uganda Regulatory and Legal Framework Governing Commercial Banks in Uganda ANALYSIS OF BANK OF UGANDA REGULATORY AND LEGAL FRAMEWORK GOVERNING COMMERCIAL BANKS IN UGANDA. BY OKWAREJOB REG NO 1153-01024-02735 UHAIRWE 0 A REPORT SUBMITTED TO THE FACULTY OF LAW IN FULFILLMENT OF THE REQUIREMENTS FOR THE A WARD OF A BACHELLOR IN LAW OF KAMPALA INTERNATIONAL UNIVERSITY JUNE, 2019 DECLARATION I, Okware Job, declare that this dissertation is a work of my own, except where due acknowledgment is made in the text. It has not been presented at any in stitution of Higher Signature ........... ......................... nate it.§.[~.(~~ OKWAREJOB APPROVAL I certify that I have supervised and read this study and in my opinion it conforms to acceptable standard of scholarly presentation and is fully adequate in scope and quality as dissertation in partial fulfillment for the award of degree of Bachelor of Lavv of Kampala International ~i:i::::::~~~ -- ......... Date ... -~- 1.?./.~1 .......... MR. RUTARO ROBERT MUHAIRWE Supervisor ii DEDICATION My dedication of this work is first of all to the Almighty Lord who enabled me pass all the endeavors since I began year one in August 2015. I also dedicate it to my supervisor, lecturers and the whole faculty of law for their efforts Not forgetting my parents, brothers, sisters and friends who have been there for when I needed their support in my academia iii ACKNOWLEGEMENT My heartfelt gratitude goes to my supervisor whose support and advice enabled me to accomplish this research successfully. I also thank the management of Bank of Uganda for giving me necessary information regarding this research and may the Almighty bless them accordingly My special gratitude goes to my parents, George Atukuru and Aidah Atukuru not forgetting my beloved girl friend Muwanguzi Justine for the moral, tender love, financial and spiritual support. A vote of thanks also goes to my friends Nsenga A lisen, Benjamin Mulingoki, Okumu, Adiama Joseph among others with whom I have been with through the academic struggle for the entire course, God bless you all I fully acknowledge the guidance and suppoti gtven to me by supervtsor MR. RUTARO ROBERT MUHAIR WE who was and is still an inspiration and a mentor to me May God Almighty bless you all abundantly iv LIST OF ACRONYMS BOU Bank of Uganda BT Business Today CBL Crane Bank Limited CEO Chief Executive Officer BE Bills of Exchange CRB Credit Reference Bureau E-Banking Electronic Banking or Internet Banking EFT Electronic Fund Transfer E-Commerce Electronic Commerce UCBL Uganda Commercial Bank Limited UBA Uganda Bankers Association MFPED Ministry of Finance, Planning and Economic Development FSAP Finance Sector Assessment Programme IMF International Monetary Fund GOP Gross Domestic Product NPL Non-Performing Loan PCA Penal Code Act ucc Uniform Commercial Code RTGS Real Time Gross Settlement UIA Uganda Investment Authority BE Bills of Exchange FIA Financial Institution Act ~ '~ CO SASE Committee on Commissi(~ls Statutory Authorities and State Enterprise ~~ NGOs Non-Governmental Organizations \{ WB World Bank v LIST OF STATUTES 1 Constitution of Uganda 1995 as amended (as at 5 h February 20 18) Ant-Corruption Act Bank of Uganda Act, Cap 51 of 1993 Bank of Uganda Act No. 5 OF 1969 Banking Act Cap 88/1969 Insolvency Act 2011 Bankruptcy Act Cap 7 I Bills of Exchange Act Cap 68 Companies Act, No. I of 20 12 Financial Institution Act Cap 54 Income Tax Act Cap 254 Land Act, Cap 227 as amended Penal Code Act Cap 120 vi LIST OF AUTHORITIES (CASE LAWS) I. Fredrick J.K Zabwe Vs. Orient Bank & Others SCCA No.4 of2006 2. Lank ford State Bank Com'r-Vs. first National Bank of Lawton 1919 OK 216; 75.159,183 3. London Joint Stock Bank V. Macmillan and Arthur ( 1918) I K.B ITO. 4. Stanbic Bank (U) Ltd Vs Uganda Crocs Ltd (Civil Appeal No.4 of 2004) [2005] UGSC !6 1 (17 h August 2005) 4. Lund V. Commonwealth (1961 ).The Reading Standard 21 October. 5. United States of America V. Nasser NtegeSsebagala (1998) Unreported. vii OBJECTIVES To examine the law and institutional frame work in commercial banking in Uganda with the view of finding out how adequately Bank of Uganda manage the affairs of commercial banks in a bid to protect public funds from being misappropriated. To determine the efficacy of the present banking rules and regulations with the mm of identifying the weakness in the legal frame work that may call for amendment. To identify the legal and non-legal challenges facing the banking sector in Uganda with a view of determining how such challenges can be solved. viii Table of Contents DECLARATION ............................................................................................................................. i APPROVAL .................................................................................................................................. ii DEDICATION ............................................................................................................................... iii ACKNOWLEGEMENT ............................................................................................................. iv LIST OF ACRONYMS ................................................................................................................... v LIST OF STATUTES .................................................................................................................... vi LIST OF AUTHORITIES (CASE LAWS) .................................................................................. vii OBJECTIVES .............................................................................................................................. viii ABSRACT .................................................................................................................................... xii CHAPTER ONE .............................................................................................................................. I GENERAL INTRODUCTION ....................................................................................................... 1 1.0 INTRODUCTION ..................................................................................................................... 1 1.1 HISTORY OF BANKING ........................................................................................................ 2 l.l.IPeriod before Independence to 1980s . ................................................................................. 3 1.1.2 The Period after 1980s to Present. .................................................................................... 5 1.1.3 Regulatory Changes from 20 I 0 to Present. ............................................................................ 6 1.1.4 Background of Bank of Uganda ............................................................................................. 8 1.2 STATEMENT OF THE PROBLEM ......................................................................................... 9 1.3 OBJECTIVES OF THE STUDY ............................................................................................. IO 1.4 JUSTIFICATION FOR TI-lE RESEARCI-1 ............................................................................. 10 1.5 METHODOLOGY .................................................................................................................. 11 1.6 1-IYPOTHESIS ......................................................................................................................... 12 1.7 SCOPE OF THE STUDY ....................................................................................................... 12 1.8 SIGNIFICANCE OF TI-lE STUDY ....................................................................................... 13 ix 1.10 LITERATURE REVIEW ......................... ............................................................................. 13 CHAPTER TWO ................. ...... ............ ........................................................................................ 16 THE LEGAL FRAMEWORK GOVERNING COMMERCIAL BANKS ................................... 16 2.0. EVOLUTION OF COMMERCIAL BANK LAWS .................. ................... ......................... 16 2.1 THE -LAW RELATING TO COMMERCIAL BANKS IN UGANDA ................................. 17 2.1.1. The 1995 Constitution of Uganda ......... ........................................................................ ....... 19 2.1.2 The B ills of Exchange Act Cap 68 .................................................................................. ..... 20 2.1.3 The Financial Institutions Act ..................... ............ ......................................... .................... 22 2.1.4 The Bank of Uganda Act Cap.51 ........................................................................ ............. ..... 24 2.2 CRITIQUE OF THE LEGAL FRAMEWORK ....................................................................... 25 CHAPTER THREE .... .. ................................................................................................................. 30 THE INSTITUTIONAL FRAMEWORK FOR THE MANAGEMENT OF COMMERCIAL BANKS ........ ............................ .... .......... .............................. ....................................... ................... 30 3.1 THE BANK OF UGANDA ............................. ..................................... ............... .................... 30 3.2 THE UGANDA BANKERS INSTITUTE ............. ............ ...................... ............................... 39 3.3 THE MINISTRY OF FINANCE ................................................. ............................................41
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