Stock finance is a lending service that allows businesses to borrow working capital against their goods. Agent float loan allows bank and mobile money agents to access unsecured loans for their operations.
Monitor said the amount being investigated is approximately Ush65 billion (US$16,7 million).
“We regret to inform you that we have recently identified a possible fraud on our stock loan and agent financing products,” the bank said in a statement addressed to its customers and shareholders.
“People of interest, including a few of our staff and customers, are currently assisting with investigations by the relevant law enforcement authorities.
“We hold ourselves to the highest standards of accountability and transparency, and person found to be responsible, whether through fraud or errors of commission or omission will be fully addressed in accordance with the policies, procedures and ethical values of the organisation and, where appropriate, the laws of the country,” reads the bank’s statement, a copy of which Monitor has seen.
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The bank, however, says its operations continue seamlessly.
“Customers continue to access loans across all our branches countrywide and banking channels. The Board of Directors and management are committed to resolving and concluding this matter, and we continue to focus on our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation,” adds the bank.
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