Further to our earlier communication where PostBank (PBU) confirmed that the bank’s internal control mechanism had discovered counterfeit notes worth Five Hundred Million Uganda Shillings in Mbale branch, and that the matter had been escalated to the Police, below is the latest update on the matter.
Initial investigations point to a collusion of the bank’s custodians of cash at Mbale branch.
Uganda Police has arrested the implicated staff, and where there were lapses in oversight of the branch operations, the bank has suspended the responsible staff pending conclusion of the investigation.
All the steps that we are taking are in line with the bank’s policies and procedures, and the culprits will be brought to book according to the laws of Uganda.
This is an isolated incident, and we assure you that all transactions are safe as the bank has in place all the required resources and technology to detect counterfeit, just like it was in this case where we detected this internally before any customer could be impacted.
Integrity is critical to us, and because you are the reason we exist, we believe it is important to update you on the progress of the ongoing investigation in the most transparent way.
We re-assure you of our promise to foster your prosperity at every step of your financial journey.
PostBank is committed to maintaining the safety of all customers’ deposits and complies with all regulations as laid out by Bank of Uganda and the Deposit Protection Fund of Uganda.
