Tools & Resources Bank of Uganda Issues Financial Consumer Protection Guidelines: Know Your Rights

Bank of Uganda Issues Financial Consumer Protection Guidelines: Know Your Rights

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bank-of-uganda logoIn line with its Financial Inclusion Project, the Central Bank of the Republic of Uganda (BoU), has issued guidelines for Financial Consumer Protection (FCP) Guidelines: Know Your Rights to all Supervised Financial Institutions (SFIs) including commercial banks, credit insititutions and microfinance deposit-taking institutions. BoU’s Financial Inclusion Project is built on four pillars: (1) Financial Literacy; ( 2) Financial Consumer Protection; (3) Financial Innovations; and (4) Financial Services Data and Measurement.

As the second pillar, the FCP Guidelines have the objective to ensure fair treatment of customers; increase transparency in order to inform and empower consumers of financial services; and ensure that consumer complaints are handled promptly and fairly.

To achieve these objectives, BoU has the following approach: raise awareness of consumers; strengthen BoU’s supervisory techniques to ensure compliance by the SFIs; and work with the SFIs to ensure that there is a clear understanding of what is required under the FCP Guidelines.

Key elements under this pillar include:

  • Development of Key Facts Documents for savings and loans products.
  • Delivery of training for SFIs on the implementation of the FCPGs.
  • Strengthening of complaints handling procedures.
  • Development of a communications strategy for SFIs, clients and the wider public to raise awareness of the FCPGs (“Know your Rights”).
  • Strengthening of BOU supervision of compliance with the financial consumer protection consumer protection requirements.
  • Harmonization of financial consumer protection requirement across the broader financial sector.

Download the Key Facts tools (English) »

Download the Know your Rights tool (English) »

For more information on the Bank of Uganda and The Financial Consumer Protection Guidelines, visit https://www.bou.or.ug/bou/about/who_we_are.html or click on any of the links provided above.