BOU closes Mercantile Credit Bank – Sudden closure paralyzes butchers and depositors

The Bank of Uganda has taken control of Mercantile Credit Bank Limited, citing the lender's inability to address its under capitalization and poor governance at the city abattoir in Kampala. This move has sparked mixed reactions from the slaughter- men and other depositors, who claim losses in their business operations due to the abrupt closure. Kenneth Egesa, the Director of Communication at the Bank of Uganda, stated that arrangements are underway to reimburse depositors through the Deposit Protection Fund.