Education during COVID-19 and beyond to achieve professionalisation of the financial services industry- the ICPAU perspective
In April 2020, Bank of Uganda (BOU) put in place Credit Relief Measures aimed at maintaining Financial Stability, and reducing the Economic Impact of COVID-19. Guidelines were also issued to Commercial Banks, Credit Institutions and Microfinance Deposit-taking Institutions (MDIs) on how to apply the measures.
BOU allowed SFIs to restructure any loan affected by the COVID-19 pandemic as long as this is done within one-year effective April 1 2020. Within this period, borrowers are eligible to have their loans restructured (updated) for up to two (2) times, and any further restructuring can be applied for and approved by BOU. Any credit relief granted is given at the discretion of the SFI.