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Complaints against financial institutions decline - BoU
Bank of Uganda headquarters in Kampala. PHOTO/FILE
What you need to know:
- The complaint forms have also since been revised to include 16 complaint categories compared to 15 and 10 in December 2019 and December 2018, respectively.
The level of financial service complaints against supervised financial institutions has significantly declined, according to Bank of Uganda.
In details contained in the Bank of Uganda June 2021 annual report, the Central Bank said complaints against supervised financial institutions had declined by 33.7 per cent compared to a rise in the same period ended June 2020.
“The decline in number of complaints by 33.73 per cent contrasts with a rise of 6.96 per cent, [which] partly reflects the effects of Covid-19 on financial services usage,” said the Central Bank.
During the period, the report noted, 260,299 complaints were received by supervised financial institutions compared to 392,764 complaints in 2019 and 367,194 complaints in 2018.
According to the report the highest number of complaints were registered against mobile money and mobile banking, which registered 36.88 per cent of complaints, followed by interest, fees and other charges, which registered 9.87 per cent.
Complaints against mobile money and or mobile banking have been raising since 2019 in which the segment contributed 30.35 per cent of registered grievances.
However, other segments have been registering a decline in complaints, according to the report, due to revising of complaints forms that had previously been bundled with products, services and or incidents into the “others category.”
The complaint forms have also since been revised to include 16 complaint categories compared to 15 and 10 in December 2019 and December 2018, respectively.
