Bank of Uganda (BoU) has officially approved Afriland First bank Uganda Limited’s request for voluntary closure.
The central bank and banking sector regulator in exercise of it’s powers under section 98 (1) of the Financial Institutions Act, 2004 (as amended), on Wednesday 25th May 2022, approved a request from Afriland First Bank Uganda Limited, to apply to the High Court for Voluntary Liquidation.
A notice to the public written and signed off by Bank of Uganda’s Deputy Governor, Michael Atingi Ego states 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 Deputy Governor noted in the statement released by BoU on twitter.
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“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.”
Mr Ego has called upon all depositors of Afriland First Bank Uganda Limited to withdraw their funds from the solvent bank saying, “all depositors 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.
