Locals told not to misuse loans
Dec 08, 2008
Finca Uganda has been called upon to train organised groups on how to use loans got from banks and other financial institutions. Gulu district vice-chairman, Makmot Kitara made the plea while launching Finca’s Gulu branch last Thursday. He noted that instead of borrowing money for business venture
By Chris Ocowun
Finca Uganda has been called upon to train organised groups on how to use loans got from banks and other financial institutions. Gulu district vice-chairman, Makmot Kitara made the plea while launching Finca’s Gulu branch last Thursday. He noted that instead of borrowing money for business ventures many people get loans to marry more wives and fail to pay back.
He urged the people to borrow money for profitable activities and urgent matters such as school fees for their children. He also challenged Finca to fund the construction of markets in the sub-counties in the district to increase business activities and revenue for the district.
“Finca-Uganda should help us to provide business skills and training to the organised groups which are being coned by the pseudo savings and credit cooperative societies,†he said.
Finca’s chief executive officer, Fabian Kasi, appealed to the war-affected community in northern Uganda to pay back borrowed money so that their property is not confiscated.
“So far nobody in Gulu has defaulted with our loans. Let people borrow money that they are able to pay back,†he said.
He said finca would distribute treated mosquito nets to mothers and construct shades at Gulu bus park.
Engineer Noah Opwonya of the Uganda Chamber of Commerce advised the people not to borrow from dubious micro-finance institutions. He said established banks would give them ample time to pay back the borrowed money.
Finca Uganda has been called upon to train organised groups on how to use loans got from banks and other financial institutions. Gulu district vice-chairman, Makmot Kitara made the plea while launching Finca’s Gulu branch last Thursday. He noted that instead of borrowing money for business ventures many people get loans to marry more wives and fail to pay back.
He urged the people to borrow money for profitable activities and urgent matters such as school fees for their children. He also challenged Finca to fund the construction of markets in the sub-counties in the district to increase business activities and revenue for the district.
“Finca-Uganda should help us to provide business skills and training to the organised groups which are being coned by the pseudo savings and credit cooperative societies,†he said.
Finca’s chief executive officer, Fabian Kasi, appealed to the war-affected community in northern Uganda to pay back borrowed money so that their property is not confiscated.
“So far nobody in Gulu has defaulted with our loans. Let people borrow money that they are able to pay back,†he said.
He said finca would distribute treated mosquito nets to mothers and construct shades at Gulu bus park.
Engineer Noah Opwonya of the Uganda Chamber of Commerce advised the people not to borrow from dubious micro-finance institutions. He said established banks would give them ample time to pay back the borrowed money.