By Mark Owor
UNITED Bank of Africa (UBA) has opened a branch in Mbale.
The bankâ€™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 Ugandaâ€™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.
â€œOpening 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,â€ Bagyenda said.
She said BoU had recently launched the Credit Reference Bureau, which shows a personâ€™s credit worthiness.