The Bank of Uganda has released a statement about an illegal Banking business and Deposit taking by a fraudulent institution called Top Finance Trust.
The statement reads- Bank of Uganda wishes to notify the general public that an entity branding itself as “Top Finance Trust” is illegally conducting banking business contrary to the provisions of Section 7(1) (a) of the Financial Institutions Act, 2004.
The above entity has opened up branches in Kampala, Jinja, Kyegegwa and Kyenjojo with its alleged headquarters in Entebbe along Sekajugo Road.
Bank of Uganda has sufficient reason to believe that the activities of Top Finance Trust involving but not limited to inviting the general public to open up savings accounts, is outright deposit-taking which is a preserve for only licensed and supervised financial institutions. All persons interested in
doing banking business should do so at only licensed financial institutions. The list of these institutions can be viewed on the Bank of Uganda website (www.bou.or.ug).
The above named entity has never been issued a licence and is not permitted to transact any financial institutions business under the Financial Institutions Act, 2004. The public is hereby warned that whoever deals with “Top Finance Trust”, its proprietors, directors, management
and staff in relation to banking business does so at his or her own risk.
Bank of Uganda further informs the general public that Top Finance Trust is NOT the same entity as Top Finance Bank Limited. In September 2014, Bank of Uganda issued a Credit Institutions (Class 5) Licence to Top Finance Bank Limited and its headquarters and main branch are
located at Plot 3 Dundas Road, Kololo Courts Building with only one branch in Kikuubo Kampala. In September 2014, Bank of Uganda issued a Credit Institutions (Class 5) Licence to Top Finance Bank Limited and its headquarters and main branch are located at Plot 3 Dundas Road, Kololo
Courts Building with only one branch in Kikuubo Kampala. Therefore, Top Finance Bank Limited is regulated and supervised by the Bank of Uganda under the Financial Institutions Act, 2004. Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial
sector. For further enquiries, please call 0414-258441/6 or email us on firstname.lastname@example.org.
SEPTEMBER 01, 2016