The Daily Monitor, of 24th August 2020, published an article titled
“Shs528b in banking exposed to profit repatriation” as a result of the recently released summitBI Banking Sector Report, 2020.
The article notes thus:
Uganda has 26 licensed commercial with most of them domiciled in countries overseas, which exposes the sector to massive capital flights.
A report on Uganda’s banking sector has established that more than Shs528b, which accounts for 72 per cent of the total profits after tax made bay banks in Uganda, was at risk of capital flight in 2019.
Detailed notes from Summit Consulting’s banking sector report 2020, indicates that non-native banks operating in Uganda are the highest beneficiaries in the financial sector.
Banks from South Africa, United Kingdom and Indian remain the highest beneficiaries from Uganda’s financial sector with more than 72% of total profit after tax generated by non-native financial institutions accounting for Shs528 billion which has been exposed to capital flight,” the report reads in part
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