COVERAGE and operations of the financial sector are still shallow despite the strides it has made, the Vice-President has observed.
â€œOur financial sector is limited in its function as source of investment capital. This has discouraged many firms from transforming into public limited companies,â€ Prof. Gilbert Bukenya said in a speech read by his special assistant for economic affairs, Musoke Walugembe.
â€œOur financial sector has also failed to transform itself to finance the most important sectors of our economy that include agriculture and agro-processing,â€ he said at the opening of the 13th annual seminar for the Institute of Certified Public Accountants of Uganda (ICPAU) at the Imperial Resort Beach Hotel in Entebbe.
â€œThe sector is still elitist and urban-focused, but with liberalisation and increased competition, I hope banking services will expand,â€ Bukenya said.
However, he said that today, with the exception of isolated areas, Ugandans can transact business 24 hours a day without fear of being attacked or molested.
Financial sector still shallow â€“ VP