Africa-Press – Uganda. Legislators on Parliament’s Finance Committee have proposed that the government creates an agency to which money taken from dormant accounts will be channeled. The decision for the government to channel money from dormant accounts is premised on the provisions within the National Payment Systems (2020) Act.
The Act, among others, empowers the government to seize money on bank accounts deemed dormant or idle and transferred to the Central Bank, which is then moved to the Consolidated Fund if the account holder does not claim the money. This was assented to by the President on July 27, 2021.
However, a section of legislators sitting on the finance committee of Parliament argue that the money should instead be channeled to projects that are aimed at uplifting livelihoods of Ugandans.
The lawmakers say the money can be invested in development programs meant to, among others, uplift the wellbeing of youth and women who make up majority of the Uganda’s population.
“As Parliament we are having this idea and this is what we are appealing to the government to do. Probably a law to be introduced. That money should not go to the consolidated fund,” Kiboga East lawmaker Mr Kefa Kiwanuka said on Tuesday, while addressing the media at Parliament.
“This money is often talked about as unclaimed balances on accounts. What we would like to see is that an agency is set up to manage this money. And that this money is sent to that agency to be managed on behalf of Ugandans,” he further stated.
He added: “So we have it for instance supporting youth and women programs, and things that are really dear to their lives. Or it helps with the maintenance of boreholes in villages where people are having to contribute.”
Since it’s enaction last year, the government has been faulted for not doing enough to sensitize the public about the new law.
Pakwach District Woman MP, MS Jane Pacutho strongly pressed concerned sectors within the government to publicize the provisions in the Act so that it is further appreciated.
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