Financial

External Audit of information and communication technology systems of Supervised Financial Institutions (SFIs)

On July 10, 2019, Bank of Uganda issued Instruction Circular ‘EDS.306.2 as a follow-up to circular Ref: EDS.306.2 dated July 13, 2017, with respect to the subject matter. All SFIs are required to conduct an external audit of their ICT Systems. And that an SFI may identify and engage any firm from the list of …

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Fraud in Mobile Financial Services

The rapid growth of mobile financial services (MFS) has facilitated access to cheap and reliable financial services to an ever increasing formerly unbanked population segment. Innovative mobile money services like M-Pesa in Kenya and Tanzania have grown into major payment services that move billions of dollars annually. Unfortunately, MFS have also rapidly become a conduit …

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What is a Financial Risk?

Financial risk is the possibility that shareholders or other financial stakeholders will lose money when they invest in a company that has debt if the company’s cash flow proves inadequate to meet its financial obligations. When a company uses debt financing, its creditors are repaid before shareholders if the company becomes insolvent. Financial risk also refers to the …

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