a means of preventing financial crises and this entails ensuring that banks conduct their operations in a manner that is not detrimental to the stability of the banking industry. • in addition to the above, bou has embarked on the process of introducing additional regulatory measures on payment systems which will among others lead to proper regulation of mobile money operations. the advances in technology demand that bou and other regulators world - wide continually re - examine their financial regulations in light of the emerging risks while at the same time not stifling innovations. financial sector regulators therefore must always put the risks and “ security ” concerns as a key priority and align these concerns with standard setting to promote the advancement of banking services. i must also emphasize that in stemming financial sector vices and risks, members of the judiciary play a very important role especially in the timely resolution of disputes not only of cyber - related / it nature but also disputes that arise from the traditional banking activities such as those that arise from foreclosure of collateral belonging to bank customers who have defaulted on their loans which in the past have tended to be quite lengthy and a challenge to the lending institutions. we all know that losses of any nature including those arising from frauds negatively impact the capital of banks which can endanger the safety of depositors ’ funds. i therefore believe that this workshop will build consensus on how the bankers and members of the judiciary can improve the timelines of resolution of financial crimes and disputes and generate invaluable ideas to foster the soundness of the banking industry. with those few remarks, i wish to declare this workshop officially opened. thank you for your attention. bis central bankers ’ speeches

catch up with the relatively good performance of other eac partner states? for instance in the 2015 / 2016 global competitiveness report of the world economic forum1, uganda ranked third in the eac region behind kenya and rwanda in as far as “ financing http : / / reports. weforum. org / global - competitiveness - report - 2015 – 2016 / competitivenessrankings / # indicatorid = gci. b. 08. bis central bankers ’ speeches through the local equity market ” was concerned. in other words, uganda lags behind two of our eac partners in using the capital markets to raise funds to finance our businesses. similarly, it is also worth asking, how we can use financial literacy to increase the participation of ugandans both at individual and sme institutional level in the existing financial instruments like treasury bills and bonds. the statistics show that the “ others category ” in which smes and individuals are classified contributed only 9. 9 percent2 of investments in uganda government securities at face value as at june 2015. this is in contrast to a share of 44. 5 percent, 34. 3 percent, and 11. 3 percent of commercial banks, pension & provident funds, and offshore players, respectively. these statistics underscore the need to enhance the financial literacy messaging so as to encourage people to utilise the financial investment opportunities available to them and make the most optimal decisions using the available information. fourth, many ugandans have embraced the mobile money revolution, with the number of mobile money registered users rising from 17. 9 million in september 2014 to 19. 8 million in september 2015, while bank accounts have remained relatively stable at 5 million. our challenge therefore regards the use of financial literacy messages and the design of appropriate products and services by the financial institutions to support the transformation of these mobile money accounts into accounts within the formal banking industry. responding to the above challenges requires, in part, the dissemination of consistent and quality - assured messages, encompassing both financial and economic education. our flagship program, the training of trainers ( tot ) remains the major way through which individuals who would like to train the population in financial literacy are prepared and certified. over the years, we have trained a critical mass of people who can extend financial consumer education to a sizeable proportion of the ugandan population, using the curriculum that was agreed upon and can still be accessed from the “ simplify money magnify life ” website and the trainers manual. going forward, we may need