The Bank of Uganda is to work with the Uganda Forex Bureau and Money Remittance Association (UFBMRA) for better management of the sector.
This follows the signing of a Memorandum of Understanding (MoU) between Central Bank deputy governor, Louis Kasekende and Lamech Kiiza, the chairman of UFBMRA.
In the aggreement, the UFMBRA is recognized as the umbrella body for forex bureaus and money remittance organizations licensed under the Foreign Exchange Act 2004.
The MoU formalizes the working relationship between the two parties to provide for closer engagement, capacity building, information sharing and sound governance.
It also means that there will be compliance with laws and regulations, enforcing discipline and standards in the forex bureau and money remittance sector in Uganda., a statement from the Central Bank said.
It added that “with the signing of the MOU, the public should benefit from better service delivery, financial consumer protection and enhanced awareness on matters pertaining to the industry.”