News has been making rounds on the web about the closure of Barclays Bank Africa operations. The news left many in Uganda wondering what would happen to their monies. In the past, a Ugandan Bank called Greenland closed under weird circumstances in which customers lost their money. Recently Global Trust Bank closed in Uganda but unlike in the past, Bank Of Uganda intervened and all clients and services were transferred to DFCU.
Barclays Bank Uganda has since held 2 press conferences addressing the issue. Both the Bank Managing director and CEO Barclays Africa Group issued statements addressing many people’s fears.
Bank of Uganda’s Justine Bagyenda in a statement further emphasised that Barclays Bank Uganda is going to be affected.
..I wish to reassure the Ugandan public that the Barclays Bank Plc announcement does not affect the operations of Barclays Bank Uganda in any way and there will be no interruption to the services Barclays Bank Uganda Ltd extends to its customers.
The regulatory framework in Uganda ensures that any transitions of this nature are orderly and do not affect the soundness and stability of the financial sector as well as provision of financial services to customers
The MD for Barclays Uganda gave assurance to Ugandans in his message which we publish as is below.
In the past few weeks, you may have seen speculative reports in local and international media about Barclays considering exiting Africa. This has understandably raised a lot of concerns among our stakeholders. (Be it customers, colleagues, shareholders or the regulator)
In light of this I would like to assure all our stakeholders of the following 3 things:-
The first and most important is that Barclays Bank of Uganda Limited is not shutting and there are no plans at local, regional or group level to shut down our operations here. The on-going speculation is related to the shareholding of Barclays Africa Group limited, the holding company of Barclays Bank of Uganda Limited and does not in any way impact the day to day running of this institution.
When the Barclays Africa Group was formed in 2013, it became one of the biggest banking groups on the continent. Barclays Plc owns 62.3% of Barclays Africa Group Limited which in turn holds a controlling stake in Barclays Bank of Uganda Limited and 11 other operations in Africa. Consequently any decisions concerning the operations of Barclays Bank of Uganda Limited in consultation with other investors who are shareholders in this business.
Secondly; your accounts are and continue to be safe and are not impacted in any way by these speculations. I assure you that your money is safe with us and you should not be concerned about the operation of your account. We remain, as always, at your service.
Thirdly; we will continue to grow our Ugandan Business. We are in a strong financial position and will continue to offer cutting edge financial products, innovative solutions and value to all our customers and other stakeholders. Our digital platform: (enhanced online banking, Mobile Money App, Cash Send), and our Intelligent ATMs (iATMs) have brought banking closer to customers. The new products include the Uganda shilling credit cards, BARX (our electronic Forex trading platform), Direct Debits and more recently the Pamoja Bonus save Account.
We are particularly proud to be named the Best bank in Uganda by Global Finance in March 2015 due to our strong financial performance and the high standards we have set in service delivery to which we are committed to continue delivering in the many years to come.
We have a clear strategy for our Ugandan business and there are no plans at all to shut it down or cease operations. Barclays Bank of Uganda Limited is a profitable institution currently in its 89th year of operation in this country. As an institution, Barclays Bank of Uganda Limited has in the past century evolved through different transitions and remained a strong business of high repute.
Barclays Bank of Uganda Limited has a strong capital base and liquidity position that ensures we are able to deliver value to all our stakeholders. Our institution is founded on and governed by clear structures and sound business practices that have ensured our successful existence in this country for the last 89 years.
I would like to assure you that Barclays Bank of Uganda as well Barclays Africa Group Limited remain committed to this market and focuses on delivering our growth strategy which is anchored on offering excellent service to our customers and value for our shareholders.
Barclays Bank of Uganda.
Image: Property Uganda