Uganda: Commercial Banks Should Provide Affordable Services – Bahati

The Minister of State for Trade, Industry and Cooperatives, Mr. David Bahati, called on commercial banks in Uganda to provide affordable financial services as a way to boost financial inclusion in the country.

According to Bahati, the government expects the financial sector to help educate its clients on how to take advantage of credit relief measures by September 30, 2021.

Kabale District LCV President Mr. Nelson Nshangabasheija delivered Mr. Bahati’s message at the official opening of the new Shs 2.5 billion Centenary Bank Building which was built by the Kabale Diocese along the Katuna Road in the town of Kabale.

“I would like to thank Centenary Bank for agreeing to partner with Kabale Diocese in banking. For many years, Centenary Bank has continued to play an impressive role in promoting financial inclusion to many. of our staff who would otherwise not be banked. I congratulate you for opening this magnificent new banking hall which is spacious, well located in a convenient location. I would like to thank the Bishop of the Diocese of Kabale, Rt Rev Callistus Rubaramira , for the spirit of development, leadership and the contribution it brings to the economic empowerment of the Kurezi region and the business community ”, reads part of Mr. Bahati’s message.

Mr. Bahati added that while the financial sector is made up of 25 commercial banks, 5 credit institutions, four microfinance depositories and hundreds of Saacos with a strong network of mobile money agents, the Ugandan government, through various agencies, to put in place post-Covid-19 stimulus measures and project economic growth of around 3.5% and 4.0% during fiscal year 2021/2022.

“To achieve this, the government is helping financial institutions provide capital in the form of loans to the Ugandan people. I urge the public to take advantage of this credit program to modernize agriculture, boost production and add value to agricultural products, ”he said. noted.

Mr. Bahati added that as a measure of commitment to support economic growth, the government through the Bank of Uganda has decided to keep the CBR at 6% as it is consistent with the inflation target of 5%. % medium term.

Reverend Rubaramira said the building housing the Centenary Bank Kabale branch was named Yohana Kitagana in memory of the second catechist who promoted the Catholic faith in the Kurezi region before his death in 1909.

“Anything is possible as long as you trust God. Disability has never been a disability for all who trust God. Avoid lack of faith but rather stay strong and fearless, God will always save you as long as you keep trusting him. We thank God for this magnificent building, ”he noted.

Centenary Bank Kabale branch manager Mr Balterzer Sunday said the newly acquired building would provide a conducive environment for financial transactions as the old premises were small and crowded.

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