to external shocks soundness. the sector has also benefited from the strengthening of supervision and regulation of the banking system by the bank of uganda. there has been continued strong public confidence in the sector and increased product diversification by financial institutions. all banks are adequately capitalized and the value of non - performing assets as a percentage of total lending remained well below 3 % as at june 2007. the low ratio of non - performing assets to total credit portfolio is due to improved risk management by banks and strengthened supervisory framework. the housing finance company of uganda ltd. was recently upgraded into a full - fledged bank, and a number of banks from abroad have made applications to bank of uganda for licenses to set up commercial banks in uganda. the bank of uganda has already licensed the continental trust bank from nigeria whose shareholders also invested in the national insurance corporation, and the kenya commercial bank, which will start their operations soon. i am pleased to announce that just this morning i approved the application of another large nigerian bank, the united bank for africa plc to open commercial banking business in uganda. all this is very good news for the development of our financial sector. we should thank the government for providing the enabling environment for foreign and local investors alike. in conclusion, i once again wish to congratulate orient bank limited upon this auspicious occasion of launching the orient express visa card and further wish the bank prosperity in all its efforts to render innovative financial services to the public. finally, it is now my privilege and pleasure to launch the orient express visa card.

emmanuel tumusiime - mutebile : welcoming innovations in the ugandan banking sector speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the launching ceremony of the orient express visa card – orient bank limited, kampala, 1 november 2007. * * * the chairman and board of directors of orient bank ltd. management and staff distinguished guests ladies and gentlemen let me begin by expressing my gratitude for orient bank ’ s invitation to me to preside over this auspicious occasion of launching the orient express visa card. the visa card which orient bank limited is launching today is in line with the orient bank ’ s business theme : “ we care for your financial needs ”. visa is the world ’ s largest retail payments system. its introduction in orient bank will enable the bank ’ s customers to gain access to the visa electron network, which reportedly operates in 150 countries with a network of 27 million outlets. the visa card will enable the customers of orient bank limited to use their debit card worldwide at atms, points of sale terminals and internet. the introduction of this product will therefore go a long way in reducing inherent risks associated with moving around with large sums of money in order to execute business transactions within uganda and beyond the borders of uganda. the orient express visa card can be used to pay for goods and services or withdraw cash from any atm or bank displaying the visa sign. the card acts as a debit card and the customers ’ account will be immediately debited upon completion of the transaction. customers will be asked to complete a simple application form but will not have to pay any fees to acquire the new card. the orient bank is today also announcing the deployment of 250 new point of sale terminals, which will also accept any visa branded cards. the new point of sale terminals also have value added functions, which will enable customers to pay for goods and services, to purchase airtime and mobile telephone top - ups, to pay utility bills and at selected sites, to obtain cash advances. merchants will receive a credit on their collection account at close of business each day for all transactions executed during the day. the new terminals are also able to recognize the new “ chip and pin ” cards, which are gradually being introduced worldwide in order to enhance card security. the orient express visa card can be used at various atms of other banks through visa switching system. this will provide relief to bank customers in the face of the refusal of some banks to join