Government will not take people’s money from the Bank Accounts.

By; Olivia Nabaggala

23^rd Sept. 2021

The ministry of finance, planning and economic development has clarified on the information circulating on social media platforms over the issue of dormant accounts that Government has no intention of taking over or taxing unclaimed balances from the bank accounts or mobile money accounts.

While clarifying over the matter at Uganda media center, Matia Kasaija, minister for finance, planning and economic development said that, such reports purporting that government will sweep all peoples money is misleading.

He says that, as regulator of the banking sector, bank of Uganda applies a set of laws to deal with unclaimed balances or dormant accounts for supervised financial institutions and electronic money issuers.

Kasaija also disclosed that, the economy of the country has dropped to 3% due to Covid -19 pandemic leading to the exit of some companies in the country, unemployment, among others thus appealing to the public to embrace vaccination if the economy is to resume to its normalcy.

Meanwhile Michael Atingi Ego, deputy governor Bank of Uganda says that, Bank of Uganda can’t take any action that is contrary to its mandate. All this is from the National Payment Systems Bill 2019 that is intended to regulate the safety and efficiency of payment systems and issuance of electronic money.