COVID-19 Lifts Bank of Uganda’s image, reputation

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By Our Reporter

A report from Bank of Uganda indicated that its corporate reputation before the public improved largely as it moved to cushion the economy against the effects of COVID-19.

BoU said in its annual report that relative to fiscal year 2018/19 “the tonality and accuracy of reporting about the Bank marginally improved.”

In terms of issues covered, the Bank’s decision in July 2019 to appeal the ruling of the Commercial Court in a matter which pitted it against the owners of a defunct DSIB as well as its decision to take the matter to the Supreme Court in June 2020 received mixed reviews from the social and traditional media.

The report said the Bank’s image was further buoyed by the announcements associated with the conclusion of the liquidation of three defunct commercial banks; measures introduced to mitigate the impact of COVID-19 against the economy; lowering of the Central Bank Rate; support for the East African Payment Systems and East African Monetary Union; as well as launch of the Central Bank National Identity Regulatory Authority- electronic Know Your Customer (KYC) project.

Other stories which portrayed the Bank in a positive light included the maintenance of the sovereign credit rating at B+ with a stable outlook; support for agricultural finance through the agricultural credit facility and Islamic banking; sensitization of the public against defacing currency; as well as the Governor’s Lecture Series held on February 18, 2020.

On the downside, stories about the printed money situation in Mbale BoU Branch dug up from FY 2018/19 as well as the misrepresentation of the Bank’s internal recruitment exercise regarding middle, senior and executive management portrayed the institution in bad light.

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