However, the Central Bank says a foreign bank can choose to contract a person or company as their agent in Uganda using the general contract laws. Under this, they are not required to get approval from the Bank of Uganda. “Such agencies do not fall within regulated agency under the FIA, 2004 and do not require a BoU license”, it says.
The Finance Ministry has drafted the Financial Institutions Amendment Bill, 2015 to provide for the creation of Islamic Financial Institutions and agent banking among other things once it is passed into law.
