Business
Make account opening easier, banker advises peersPublish Date: Jun 18, 2014
Make account opening easier, banker advises peers
  • mail
  • img
newvision

By Billy Rwothungeyo

Financial institutions need to cut down on the bureaucracies in account opening to attract more Ugandans to join the mainstream banking industry, a top player has advised.


“It is a long process before someone can get an account. We must make account opening easy for everyone. People are asked a lot of questions; where do you sleep? Who is your wife?” said Wilson Twamuhabwa, the Chief Executive Officer of UGAFODE Microfinance Limited (MDI).

Twamuhabwa made the remarks recently after announcing UGAFODE’s group save account product at the financial institution’s head office in Wandegeya.

Besides making it easy for people to open accounts, Twamuhabwa said financial institutions must deal with issues of confidence building.

“Someone has kept money with you (financial institution) today, when he comes back tomorrow, he finds sh2000 instead of sh10,000,” he said.

He said with more people participating in the banking industry, clients will be to access cheaper credit as financial institutions will scale down on expensive credit from overseas.

“It is important for the public to know that the money we lend is got from overseas, not long ago, there was the credit crisis.”

He added: “As we continue getting voluntary deposits from customers, there is no reason why we cannot reduce on the interest rates. It is our desire to see interest rates going down.”

“We would love to see Ugandans saving more. There is a lot of money being kept in boxes and mattresses. We need to encourage Ugandans to save," added.

RELATED ARTICLES

Govt plans to give URA easier access to bank accounts

Couples: Joint or separate bank accounts?

Only 16% Ugandans have bank accounts - minister

URA blocks Nebbi bank accounts

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
Motorcycle owners appeal to URA over quack dealers
OWNERS and operators of motorcycles have appealed to Uganda Revenue Authority (URA) to protect them from unscrupulous dealers who are fleecing them...
Parliament told to speed up law on animal feeds
THE lack of a law that regulates and guides animal feed manufacturers is threatening the livestock sector in Uganda, according to a study conducted by the ministry of agriculture...
Lack of mentorship killing businesses
ABSENCE of mentoring programmes for businesses is the reason why many have failed to break even...
Shell says Q2 net profits triple to $5.307bn
Anglo-Dutch oil giant Royal Dutch Shell said Thursday that net profits more than tripled in the second quarter, boosted by asset sales and higher oil prices....
NTB reporting system to be commissioned today
Trade minister, Amelia Kyambadde will today commission the Non-Tariff Barriers (NTBs) Reporting System, a mobile phone and email-based system for reporting barriers to trade....
Samsung posts 20% fall in net profit
Samsung Electronics reports a near 20 percent decline in second quarter net profit, blaming increased competition from cheap Chinese devices in the key smartphone sector....
Should private schools and institutions be given tax exemption?
Yes
No
Can't Say
follow us
subscribe to our news letter