Banks neglect informal sector
May 04, 2009
BANKS should increase accessibility of financial services to the informal sector, Justine Bagyenda, the central bank’s director for supervision, has said.
By Ronnie Kijjambu
BANKS should increase accessibility of financial services to the informal sector, Justine Bagyenda, the central bank’s director for supervision, has said.
She said the informal sector, especially the agricultural sector, had been neglected, yet it is the major source of employment and income for the masses.
Bagyenda said this during the launch of a saving product at the newly-opened Faulu-Kawempe branch recently. Of the 12 million people who use banking services only 3.1 million people have bank accounts.
BANKS should increase accessibility of financial services to the informal sector, Justine Bagyenda, the central bank’s director for supervision, has said.
She said the informal sector, especially the agricultural sector, had been neglected, yet it is the major source of employment and income for the masses.
Bagyenda said this during the launch of a saving product at the newly-opened Faulu-Kawempe branch recently. Of the 12 million people who use banking services only 3.1 million people have bank accounts.