PostBank Uganda has assured customers that their transactions are safe after an incident in which shs500 million fake notes were recovered in the vault of the bank’s branch in Mbale.
In an incident earlier this week, bundles of shs50,000 notes were discovered from the bank’s vault by a staff member who took it to the counter.
However, in a statement, the bank said the fake notes were discovered by their own staff who referred the matter to police, noting that initial investigations have since pointed 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,” PostBank said.
“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.”
PostBank however assured the public that this was an isolated incident, adding that their transactions are safe.
“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,” the bank said.
“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.”
