Bank of Africa opens branch in Lira
BANK of Africa has opened a branch in Lira, bringing the total number in Uganda to 12.
By Ali Mao
BANK of Africa has opened a branch in Lira, bringing the total number in Uganda to 12.
Commissioning the branch on Friday, state minister for northern Uganda, David Wakikona, said the branch was a milestone in the development and rehabilitation of the northern region.
“The problem with having a greater number of our population being left out of the banking system is that it discourages the culture of saving and removes the un-banked population from the formal structure of the financial system.
“This ultimately leads to reduced funds being available in the economy for investment purposes. The opening of Lira branch is significant because it will not only address the problem of catering for the un-banked population but also tap the tremendous business growth potential,†Wakikona said.
He said the current stability in the north has a significant impact in boosting the living standards and business opportunity for the community.
He said the Government has taken a deliberate step to deepen the financial sector by promoting the introduction of more commercial banks.
This, he said, would stimulate competition, resulting in banks expanding their network to cover the un-banked regions.
“I want to urge the banking public in Lira to utilise the services of the bank by saving their deposits and paying off loans they may contract so that the bank will continue in business and extend further credits to other customers,†he added.
Lira mayor Peter Guduzu Owiny appealed to the bank to give efficient services.
“People have been complaining of high interest rates in some banks. If you lower your rates, then you will attract more customers. One by one makes a bundle,†Owiny advised.
The bank managing director, Kwame Ahadzi, said Lira is one of the districts with high potential despite the 20-year war.
BANK of Africa has opened a branch in Lira, bringing the total number in Uganda to 12.
Commissioning the branch on Friday, state minister for northern Uganda, David Wakikona, said the branch was a milestone in the development and rehabilitation of the northern region.
“The problem with having a greater number of our population being left out of the banking system is that it discourages the culture of saving and removes the un-banked population from the formal structure of the financial system.
“This ultimately leads to reduced funds being available in the economy for investment purposes. The opening of Lira branch is significant because it will not only address the problem of catering for the un-banked population but also tap the tremendous business growth potential,†Wakikona said.
He said the current stability in the north has a significant impact in boosting the living standards and business opportunity for the community.
He said the Government has taken a deliberate step to deepen the financial sector by promoting the introduction of more commercial banks.
This, he said, would stimulate competition, resulting in banks expanding their network to cover the un-banked regions.
“I want to urge the banking public in Lira to utilise the services of the bank by saving their deposits and paying off loans they may contract so that the bank will continue in business and extend further credits to other customers,†he added.
Lira mayor Peter Guduzu Owiny appealed to the bank to give efficient services.
“People have been complaining of high interest rates in some banks. If you lower your rates, then you will attract more customers. One by one makes a bundle,†Owiny advised.
The bank managing director, Kwame Ahadzi, said Lira is one of the districts with high potential despite the 20-year war.