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Afriland First Bank Customers Told to Withdraw Deposits As Bank Exits Market

Afriland First Bank customers have been asked by the Bank of Uganda to withdraw their deposits as the bank goes into liquidation.

BOU made the communication on Wednesday saying that the bank’s shareholders had made a voluntary decision to liquidate.

Michael Atingi-Ego, the Central Bank Deputy Governor reassured however, that Afriland First Bank is not insolvent, but that the liquidation decision was made by its shareholders.

“The decision for Voluntary Liquidation was an outcome of a strategic business review by the shareholders,” BOU’S Deputy Governor Michael Atingi-Ego said in a statement .

“Bank of Uganda hereby Informs the public that Afriland First Bank Uganda Limited is a solvent Financial Institution. Therefore, all depositors and other verified creditors will be paid in full.”

 “All other verified creditors shall be paid in full by the Liquidator that has been appointed by shareholders of Afriland First Bank Uganda. Limited.

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