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Financial sector still shallow – VP

By Vision Reporter

Added 23rd October 2008 03:00 AM

COVERAGE and operations of the financial sector are still shallow despite the strides it has made, the Vice-President has observed.

By David Muwanga

COVERAGE and operations of the financial sector are still shallow despite the strides it has made, the Vice-President has observed.

“Our financial sector is limited in its function as source of investment capital. This has discouraged many firms from transforming into public limited companies,” Prof. Gilbert Bukenya said in a speech read by his special assistant for economic affairs, Musoke Walugembe.

“Our financial sector has also failed to transform itself to finance the most important sectors of our economy that include agriculture and agro-processing,” 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.

“The sector is still elitist and urban-focused, but with liberalisation and increased competition, I hope banking services will expand,” 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 – VP

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