Take services to the rural people, Museveni tells banks

BANKING

KAMPALA - President Yoweri Museveni has asked financial institutions in the country to extend services to the rural people as a way of ensuring financial inclusion.

The President noted that 70% of Ugandans who live in rural areas also need financial inclusion. "However, like most countries, the rural residents in Uganda have less access to and use of financial services, less than their urban counterparts," he said.

Museveni made the remarks in his message that was read for him by the first deputy Prime Minister Gen. Moses Ali at the commissioning of BRAC Uganda Bank Limited in Kabuusu Rubaga Division on Thursday.

Museveni also asked the financial institutions to reach out to the women in the country.

"In Uganda, women are less likely to own a mobile phone, be active users of mobile money or borrow from formal sources," he noted. "Men are 40% more likely to save at banks compared to women and five times more likely than women to have formal insurance."

BRAC Bank chief executive officer, Jimmy Adiga observed that they have got a clear policy that employs vulnerable women and that nearly 95% of their staff are women.

BRAC, the largest microfinance provider in Uganda received a Tier 2 Credit Institution license from Bank of Uganda on March 7 to operate as a bank.

The organisation has been working in Uganda since 2006, in projects aimed at advancing women empowerment, providing education for children and adolescent girls, among other things and currently employs 2700 staff.