Posted on September, 8, 2021 at 09:46 am
The state minister for trade, industry and cooperatives Mr David Bahati has asked commercial banks in Uganda to provide affordable financial services as one a way of stimulating financial inclusion in the country.
According to Mr Bahati, the government expects the financial sector to help in educating their clients on how to take advantage of the Credit Relief Measures by September 30, 2021.
The Kabale District LCV chairman, Mr Nelson Nshangabasheija, delivered Mr Bahati's message at the official opening of the new Centenary Bank Building worth Shs2.5 billion that was built by Kabale Diocese along Katuna road in Kabale town.
"I would like to thank Centenary Bank for accepting to partner with Kabale diocese in the banking business. For many years, Centenary Bank has continued to play an impressive role in promoting financial inclusion to many of our people who would otherwise remain unbanked. I congratulate you for opening this new magnificent banking hall that is spacious, well located in a convenient place. I would like to thank the Bishop of Kabale Diocese, Rt Rev Callistus Rubaramira, for the spirit of development, leadership and the contribution he is making in the economic empowerment of Kigezi region and the business community," Mr Bahati's message reads in part.
Mr Bahati further said that whereas the financial sector is made up of 25 commercial banks, 5-credit institutions, four microfinance deposit-taking institutions, and hundreds of Saacos with a strong network of mobile money agents, the government of Uganda through various agencies has put in place post-Covid-19 recovery measures and projects the economic growth to be in the range of 3.5 % and 4.0% in the financial year 2021/2022.
"To achieve this, the government is supporting financial institutions to offer capital in terms of loans to the people of Uganda. I urge the public to take advantage of this credit scheme to modernise agriculture, stimulate production and add value to agricultural produce," he said.
Mr Bahati added that as a measure of commitment to supporting economic growth, the government through the Bank of Uganda decided to maintain the CBR at 6% since it is consistent with meeting the inflation target of 5% in the medium-term.
Rt Rev Rubaramira said that the building hosting Centenary Bank Kabale branch has been named Yohana Kitagana in memory of the 2nd catechist that promoted Roman Catholic faith in Kigezi region before he died in 1909.
"Everything is possible as long as you trust in God. Disability has never been an inability for all those that trust in God. Avoid lack of faith but rather keep strong and fearless, God will always save you as long as you keep trust in him. We thank God for this magnificent building," he noted.
The Centenary Bank Kabale branch manager Mr Balterzer Sunday said that the newly acquired building will provide a conducive environment for financial transactions because the old premises were small and congested.
Source: The Monitor