Electronic Banking in Uganda A Review of the Legal and Regulatory Framework.

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Kampala International University, School of law.
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.
A dissertation submitted in Partial Fulfillment of the Requirement for the Award of Bachelors Degree in Laws at Kampala International University.
Electronic Banking, Legal and Regulatory, Framework, Uganda