Find visitors' favorite businesstravel Hotels And.... Book your best!

ad. Buy Grade A Premium Uganda Vanilla Beans NOW Available for Export  

Uganda Bank to write off sh450m Owino debt

Monday, 8th August, 2011

FINCA, a local microfinance institution, plans to write off over sh450m worth of loans advanced to clients, whose merchandise was destroyed by fire that recently razed St. Balikuddembe (Owino) market.

The development will mitigate the loss magnitude and enable traders get back into business.

The institution’s chief executive officer, Julius Omoding, said over 250 clients suffered losses, prompting the ongoing negotiations with insurance companies to have the victims compensated.

“We regret the losses you incurred because of the fire accident. However, all loans we advanced to you will be paid by the insurance company,” he said.

He was addressing traders during a meeting last week at FINCA’s head office on Ben Kiwanuka Street.

Officials from CHARTIS, an insurance company providing FINCA with loan insurance, attended.

“Affected clients are advised to consult our branches around the country for detailed information on how to qualify for the compensation,” Omoding said.

John Bosco Kalema, the CHARTIS manager in charge of production and accidents, said genuine claims would be settled within the shortest time possible.

“We are working out modalities to enable you offset some of the losses. We ask you to be patient as we take the necessary steps to settle your claims,” he said.

Kalema told journalists that in 2009, CHARTIS paid over sh1.25b worth of claims from over 10 financial institutions, whose clients lost merchandise during a fire in the same market.

By David Ssemijja: The New Vision Newspaper

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Banking Guide Questions and Comments.

Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page


feel free to ask our business travel consultants.

Book a Prisons & Correctional
Charity Tour

Farmland for Sale
Prime Commercial Property
Entebbe Rd Land 4 Sale
Over 20 Farmland Parcels
Property & Plots of Land

Uganda Online SuperMarket
Online SuperMarket

Uganda Coffee Safari
Book My Coffee Tour

Uganda Honey
Uganda HoneyComb

Subscribe to our Business Travel Newsletter

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Africa Uganda Business Travel News Digest.

Hotel Booking

Car RentalCar Hire

Africa Uganda Shipping & Handling ServicesShipping & Handling Services

Our Sponsorship Policy

Apple Guavas available
Africa Uganda Plants GuideAfrica Plants Guide

Charity Investment Guide
Changing Lives

Africa Uganda SMS Guide
Africa Bulk SMS

Poultry Investment Guide
Poultry Business Guide

Related Pages

Uganda Hotels Directory

Uganda Hotels Booking Guide

Houses U can buy Uganda Real Estate Guide Industrial/Farmland Deals

Uganda Real Estates Guide

The Mountain Gorilla

Uganda Safari Guide

Uganda Weather Today

Book My Hotel

Please note that all fields followed by an asterisk must be filled in.

Please enter the word that you see below.


Uganda Currency