23-12-2009 News

2009-12-23

CMA signs a contract for the provision Central Securities Depository System (CSD) to the Central Bank of Uganda (BOU).

Stockholm, December 23rd, 2009. CMA has announced today that as part of its coordinated effort to enhance efficiency and strengthen risk management in financial markets activities, Bank of Uganda recently signed an agreement with CMA to implement a new Central Securities Depository System for Government Securities.

The new system will facilitate the creation and issuance of Government Securities in accordance with international standards, maintain electronic records of authorized transactions, provide for settlement of transactions on a Delivery Versus Payment (DVP) basis and enable automatic payment of interest and maturity proceeds on due dates.

Mr.Elliot Mwebya, Director, Payments and Settlements Department of BOU says: “The new system is expected to enhance efficiency and strengthen risk management in financial markets and payment system operations.”

In this project CMA is partnering with a Uganda based company - AH Consulting, which is one of the leading African based consulting firms specializing in the provision of services for private and public sector organizations with specific emphasis on information systems, economic, financial management, human resource services and engineering consulting (more information at: www.ahcul.com).

CMA is very proud of this achievement, and is happy to add the Central Bank of Uganda to its large number of clients on the African continent. Mr. Alexey Nazarov, Managing Director, CMA says “we are looking forward to this project with great excitement.”