Archive
United Bank of Africa goes to Mbale
Publish Date: Dec 23, 2008
Newvision Archive
  • mail
  • img

By Mark Owor

UNITED Bank of Africa (UBA) has opened a branch in Mbale.

The bank’s major attraction is the Freedom Account that requires neither initial deposits nor maintenance fees.

Hundreds of residents rushed to open up accounts, while others deposited money during the launch.

Presiding over the ceremony, the Bank of Uganda’s (BoU) executive director for supervision, Justine Bagyenda, said many banks were increasingly targeting rural areas.

Bagyenda told the residents to avoid institutions that are not licensed by Bank of Uganda.

She said the licences are always displayed in the banking halls and guarantee safety of deposits and transactions.

Bagyenda said account-holders should also study the interest rates, bank charges, loan acquisition process and customer care when opening up accounts with these new sprouting banks.

She said UBA was licensed in November 2007 and aims at becoming a reputable regional player in financial intermediation.

“Opening of the Mbale branch is a demonstration of confidence in UBA, which has engaged in a comprehensive programme of branch expansion and roll-out. It also offers customer friendly products. This has resulted into establishment of six branches in less than one year,” Bagyenda said.

She said BoU had recently launched the Credit Reference Bureau, which shows a person’s credit worthiness.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
FORMER president Dr. Apollo Milton Obote has been honoured for his distinguished service to Busoga College Mwiri and the nation....
THE Ministry of Health has appealed to religious groups to counsel men to stop having extramarital sex to stem the raising rates of HIV infections....
THE Chinese community in Uganda on Tuesday celebrated their 62nd independence anniversary....
MAKERERE University has sued the National Insurance Corporation (NIC) over a sh16.7b pension savings package it claims the insurance giant owes it....
PRESIDENT Yoweri Museveni will lead the alumni of the University of Dar-es-Salaam in Uganda to a fundraising drive targeting sh1b for the Tanzania-based institution....
THE UPDF officers, dressed in neatly pressed uniforms complete with gleaming black boots, took to the podium, many accompanied by their spouses. Then, they were decorated....
Do Ugandan tycoons prepare their children to take over their business empires?
Yes
No
Can't Say
follow us
subscribe to our news letter