Postbank Uganda has spoken out on the counterfeit cash incident at its Mbale town branch and assured customers that all transactions are safe.
“Further to our earlier communication where PostBank (PBU) confirmed that the bank’s internal control mechanism had discovered counterfeit notes worth Five Hundred Million Uganda Shillings (Shs500m) in Mbale branch and that the matter had been escalated to the Police,” reads a statement released by Priscilla Akora, Head Marketing and Communications at PostBank Uganda.
She said the initial investigations point to a collusion of the bank’s custodians of cash at the Mbale branch.
Uganda Police has arrested the implicated staff, and where there were lapses in oversight of the branch operations, the bank has suspended the responsible staff pending the conclusion of the investigation.
According to management, all the steps are being taken in accordance with the bank’s policies and procedures, and the culprits will be brought to book according to Ugandan laws.
“This is an isolated incident, and we assure you that all transactions are safe. The bank has all the required resources and technology to detect counterfeits, just like in this case, where we detected this internally before any customer could be impacted.”
It added: “Integrity is critical to us, and because you are the reason we exist, we believe it is important to update you on the progress of the ongoing investigation in the most transparent way. We re-assure you of our promise to foster your prosperity at every step of your financial journey.”
PostBank said it remains committed to maintaining the safety of all customers’ deposits and complies with all regulations as laid out by the Bank of Uganda and the Deposit Protection Fund of Uganda.
PostBank Uganda (PBU) is purposed to foster prosperity for Ugandans. It has since its establishment extended tailored financial services to enable them Grow and Prosper by facilitating their participation in social economic activities that improve their livelihoods.
The Bank is a limited liability company that was incorporated under the Companies Act in 1998 and is owned by the Government of Uganda with 100% shareholding. PostBank Uganda, a fully-fledged commercial bank, boasts of a wide branch network of 58 branches countrywide, and over 3,000 Agents.
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