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Be relevant, Mutebile tells microfinance

By Vision Reporter

Added 20th April 2010 03:00 AM

THE Central Bank governor, Tumusiime Mutebile, has advised financial institutions to tailor their services to suit local economic activities.

THE Central Bank governor, Tumusiime Mutebile, has advised financial institutions to tailor their services to suit local economic activities.

By David Ssempijja and John Ssemakula

THE Central Bank governor, Tumusiime Mutebile, has advised financial institutions to tailor their services to suit local economic activities.

The governor said this would benefit communities and enhance their businesses.

The governor made the remarks in a speech read by the director for non-bank financial institutions, Benedict Ssekabira, at the opening of the new Opportunity Uganda branch at Kalagi trading centre in Mukono recently.

Opportunity Uganda, formerly Faulu Uganda, is a micro-finance institution that was taken over by Opportunity International recently.

Mutebile also advised the public to save with only micro-finance institutions that are regulated by the Central Bank.

“Opportunity Uganda is one of the few micro-finance institutions licensed by the Bank of Uganda to take deposits from the public.
“This is enough to guarantee security of your money.”

Archibald Mears, the chief executive officer, said they opened the branch to extend financial services nearer to the unbanked communities.

“Our financial services have encouraged and supported entrepreneurs, who engage communities in economic activities.”

Opportunity International, a US-based organisation, acquired a 73% majority stake in Faulu and changed its identity.
he said and ensure that they periodically review their risk management systems.

Be relevant, Mutebile tells microfinance

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