Commonwealth business council registers firm

Aug 20, 2007

THE Commonwealth Business Council (CBC) has registered a financial services firm as part of post-Commonwealth meeting (CHOGM) initiatives in Uganda. The heart of the project will involve installation of Automated Teller Machines (ATMs) especially in rural areas to facilitate money remittances and c

By Peter Kaujju

THE Commonwealth Business Council (CBC) has registered a financial services firm as part of post-Commonwealth meeting (CHOGM) initiatives in Uganda. The heart of the project will involve installation of Automated Teller Machines (ATMs) especially in rural areas to facilitate money remittances and contribute towards building of financial infrastructure.

Mohan Kaul, the council’s director general, said the project would reduce the cost of delivering remittances. “The CBC decided to register a financial services company and we intend to install about 500 ATMs to facilitate money remittance. The charges for remittances are high, above 20%, but we will charge about 3%,” Kaul said.

The plan is one of the components of inclusive banking intended to increase participation of the poor in the economy. He said the company would be called Commonwealth Business Council Financial Solutions Company.

Kaul said at least five ATMs would be operational before CHOGM in November. He said the council’s intention is to enhance service delivery at affordable rates rather than make money.

The initiative, he said, is the first among the Commonwealth countries and would play a critical role in enhancing people’s lives especially in rural areas.

Kaul said an information technology (IT) park would also be set up. He said the IT park would be located off Entebbe and is intended to create opportunities for educated skilled Ugandans through provision of services within a satellite city.

The park will have offshore development, call, back office, data processing and data centres. The centre will also have residences comprising studios, apartments and luxury condos, hotels and convention centres, medical facilities and transport links.

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