PostBank Uganda (PBU) has assured customers of the safety of their deposits and transactions following the discovery of counterfeit notes totaling UGX 500 million at its Mbale branch.
In a statement released by the bank, management confirmed that its internal control mechanisms had identified the counterfeit notes, and the matter was promptly escalated to the Uganda Police for investigation.
Preliminary investigations suggest collusion among the branch’s cash custodians. The implicated staff have been arrested, and others with oversight responsibilities have been suspended pending the outcome of the probe.
PostBank emphasized that all actions are being taken in accordance with its policies and Uganda’s laws, with assurances that the culprits will face justice.
“This is an isolated incident, and we assure you that all transactions are safe,” the statement read.
“The bank has in place all required resources and technology to detect counterfeit notes, as demonstrated by our ability to uncover this internally before any customer could be impacted.”
PostBank reaffirmed its commitment to upholding integrity and transparency, noting that customer trust remains a cornerstone of its operations.
“You are the reason we exist, and we believe it is important to update you on the progress of the ongoing investigation in the most transparent way,” the bank stated.
The bank also reassured customers that it adheres strictly to regulatory frameworks established by the Bank of Uganda and the Deposit Protection Fund of Uganda, ensuring the safety of deposits and financial transactions.
PostBank emphasized that this incident has not affected its ability to foster customer prosperity and that measures are in place to prevent future lapses. Customers were encouraged to continue their banking activities with confidence.
The investigation remains ongoing, and updates will be provided as new information emerges.