KAMPALA, Oct. 10 (Xinhua) -- Uganda Bankers Association on Wednesday warned that the banking industry is likely to get a backlash if negative reporting continues on social media.
The association, which brings together all commercial banks in the country, said in a statement that targeted and calculated negative reporting about the banking sector has the potential of undermining confidence in the industry.
The association added that this risks triggering undesired panic with unintended adverse consequences for the economy.
"We are confident that the banking and overall financial sector is stable and resilient, however maintaining stability remains a responsibility for all of us and not only the regulator and the financial institution," the statement said.
"We further count on the support of the relevant authorities to continue providing the right environment for sustained growth for the banking and financial sector." it said.
There have been a series of social media reports questioning how Bank of Uganda, the country's central bank, liquidated Crane Bank and sold it to DFCU Bank. The central bank has denied any wrong doing.
