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Banks mull interest rate cuts

By Vision Reporter

Added 27th July 2009 03:00 AM

BANKS are looking at a mechanism to benefit clients through low loan tariffs, a top banker said last week. “We have started to seek modalities with other banks to get ways of reducing interest rates to boost our client loan access.

By Wilfred Sanya

BANKS are looking at a mechanism to benefit clients through low loan tariffs, a top banker said last week. “We have started to seek modalities with other banks to get ways of reducing interest rates to boost our client loan access.

“But we have not come up with proper measures because the rates are determined by the bank rate, which lies between 19 to 19.5%,” Lamin Manjang, the Standard Chartered Bank managing director, said.

He said the move would enable clients use the loans to expand businesses. Manjang pointed out that despite the world financial crisis, the bank’s lending had grown by 31%. Manjang said the bank would continue to lead in providing new products to make banking easy.

“The bank was started in 1912 and has 10 branches in the Uganda. Most of the innovations being used by other banks were brought in by us,” he added.

Manjang was speaking at a dinner to thank the bank’s clients at Kampala Serena Hotel. Loyal clients like Canon James Ddungu, one of the oldest customers since 1957, and the deputy chief justice Laeticia Kikonyogo, were recognised.

Banks mull interest rate cuts

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