Panic has gripped several customers in Kampala after Lloyds Forex Bureau, one of the city’s long-serving money remittance facilities, officially ceased operations, prompting many to rush in search of their unprocessed funds.
According to a public notice issued by the Bank of Uganda (BoU), Lloyds Forex Bureau voluntarily stopped carrying out money remittance business effective September 29, 2024, in accordance with Section 1 of the Foreign Exchange Act, Cap. 167. The institution also ceased operations as a foreign exchange bureau.
BoU has now urged all individuals with pending remittance claims to submit their documentation to the Office of the Director, Non-Bank Financial Institutions Department, no later than December 5, 2025.
“The Bank of Uganda hereby notifies the public that Lloyds Forex Bureau voluntarily ceased to carry on money remittance business… This is, therefore, to invite customers who may have outstanding claims… to submit the claims, with evidence,” the notice reads in part.
The announcement has left many customers distressed, with some reporting difficulty in tracing records or receipts required to support their claims. Others expressed fear that they might not recover their money, especially those who transacted through informal agents linked to the bureau.
Lloyds Forex Bureau had operated in Kampala for years, serving both local and international clients, particularly those receiving or sending funds abroad.
BoU has assured the public that the claim process is ongoing and urged affected individuals to act promptly.
Further updates are expected as the deadline for claims approaches.
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