Electronic Banking in Uganda A Review of the Legal and Regulatory Framework.
Date
2015-07
Authors
Journal Title
Journal ISSN
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Publisher
Kampala International University, School of law.
Abstract
This research has reported the findings of the study issues concerning the
legal and regulatory flame work of electronic banking in selected commercial
banks in Uganda. This study has investigated the use of e-technologies
services as far as electronic banking is concerned in the selected commercial
banks in Uganda. This research has surveyed the data on the regulation of
electronic banking in Uganda. Using a well designed methodology, the
researcher has found that much as most E-technologies are in place in these
banks, there is still low level of supervision due to low levels of technological
regulation.
The researcher found out that E-Banking, is becoming increasingly popular
among retail banking customers. The Stanbic bank customers who were the
researcher's classmates and at the same time his respondents, provided that EBanking
helps in cutting costs by providing cheaper and faster ways of
transferring funds to their business partners through their accounts. It also
helps the customer to choose the time, place and method by which one wants
to use the services and gives effect to multichannel delivery of service by the
bank. This E-Banking is driven by twin engine of "customer-pull and Bankpush.
Electronic banking has been one of the most important factors for the
development of quick banking transactions to customer in terms of access,
process, storage and dissemination of information electronically. Banking
industry is fast growing with the use of technology in the fonn of A TMs, online
banking, Telephone banking, Mobile banking; and plastic card is one of
the banking products that cater to the needs of retail segment has seen its
number grow in geometric progression in recent years. This growth has been
strongly supported by the development of the field of technology, without
which this could not have been possible of course it will change our lifestyle
in coming years. Under article 162 (c) and (d), the central bank (bank of
Uganda) is mandated to regulate, supervise, and promote economic
development
and the efficient utilization of the resources of Uganda through effective and
efficient operation of a banking and credit system; and do all such other things
not inconsistent with this article as may be prescribed by law.
In order to maintain their safety. In all its provisions, (the Bank of Uganda Act
Cap 51), regulation of electronic banking in not provided anywhere, giving a
researcher a ground for its review. In Uganda, obtaining property by false
pretence and cheating, bank frauds, forgeries, money laundering, and insider
dealing of public confidence; constituted critical issues in the modem
Ugandan banking system, and this system in particular is electronic banking. It
is because of this, that the legal and the regulatory framework of electronic
banking system review in Uganda became paramount. This research examined
the legal and regulatory framework of electronic banking in Uganda and the
efforts of the central bank of Uganda to ensure success in transfonnation from
traditional banking and improved institutional frame work and access to
information.
Description
A dissertation submitted in Partial Fulfillment of
the Requirement for the Award of Bachelors Degree
in Laws at Kampala International University.
Keywords
Electronic Banking, Legal and Regulatory, Framework, Uganda