Tuesday, May 21, 2024
Home > News > Postbank Speaks Out On Double Payment To Beneficiaries Of COVID Relief Funds

Postbank Speaks Out On Double Payment To Beneficiaries Of COVID Relief Funds

Postbank has spoken out on the double payment  to beneficiaries of Government COVID-19 relief funds.

Postbank went into a tripartite arrangement with Ministry of Gender, Labour and Social Development together with the Telecom companies to pay beneficiaries of the Covid  Relief Fund.

In a statement, the bank’s management says they submit daily returns to the Ministry and the Office of the Rt. Hon. Prime Minister which include the beneficiaries who have been paid as per the instructions.

“To date, the bank has paid 415,574 beneficiaries spread across the country out of the target 501,107 households, amounting to UGX 42,565,166,950. Of the beneficiary payments made so far, 6,011 were paid twice. This was a single incident relating to a batch

upload file which the bank quickly identified and immediately flagged to Airtel,” the statement reads.

It adds: “The duplication had nothing to do with the data from the Ministry. To date more than 60% has been recovered and the outstanding amount is UGX 242,195,575 (0.56% of total payments).”

The bank reiterated that this matter is being resolved with Airtel and all the intended beneficiaries will be paid as per the future instructions.

“The bank is only waiting for the list of the pending beneficiaries to complete this exercise. PostBank remains committed to transforming the lives and livelihoods of Ugandans through offering affordable and sustainable financial solutions,” the bank said.

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

Leave a Reply

Your email address will not be published. Required fields are marked *