of the market share ; turning to bank of uganda, i wish to re - affirm that as a monetary policy and regulatory authority, the mission of “ maintaining price stability and a sound financial system ” remains paramount. on the monetary front, the recent unfolding inflationary pressures have been proactively responded to using a package of instruments, which include ; i ) pursuing a tight monetary policy stance to regulate money supply ; ii ) tactical interventions into the foreign exchange market to manage and minimize sudden fluctuations in the exchange rate ; on the regulatory front, the following have been applied to ensure soundness and stability of the financial sector : i ) conducting regular on - site examinations and off - site surveillance of supervised financial institutions in order to initiate prompt corrective actions as warranted ; ii ) enhancing risk management framework in all supervised financial institutions ; iii ) implementation of risk - based supervision to foster timely identification, measurement, monitoring and controls of risks inherent in the financial sector ; iv ) periodic reviews of the legal and regulatory framework to ensure update with current developments in the financial sector ; v ) aligning the regulatory framework with international standards especially after the recent global financial crisis ; vi ) to facilitate innovation through amendment of the legal and regulatory framework to permit the following : i ) implement mobile money banking ; ii ) bancassurance ; iii ) islamic banking & finance products. rolling out guidelines for financial literacy and consumer protection. bis central bankers ’ speeches

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