By KT Reporters
Bank of Uganda has opened up an inquiry into the affairs of Rise Up Forex & Money Transfers Ltd, a company that is based along Kampala Road on Orient Plaza at exactly plot 6/6A.
The board and top management of Bank of Uganda have directed the central bank’s Director in charge of non-bank financial institutions department to trace all customers who might be having remittances-related complaints against the company. Once such claimants are identified the central bank will force Rise Up Forex bureau top bosses to cough and refund their money-if any such claims are outstanding.
BoU insiders say that the idea is to find out more about the reasons which forced the same company to suddenly exit the remittances transfer aspects of the business at the end of October.
They had been licensed to do that line of business but all of a sudden they stopped such transactions to concentrate on forex exchange and mobile money services through platforms like Airtel, M-pesa and MTN. In the forex business, they use platforms like western union and money gram.
The Bank of Uganda in investigating this business for Rise Up Forex wants to identify customers with outstanding claims so that the company owners and top executives are forced to pay up before it gets too late.
Insiders say that its through such investigations that the central bank is able to safeguard the stability and integrity of the financial sector in general while making the economy safe and sustainable. Give us feedback on this story through our email: kamwokyatimes@gmail.com
