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Wednesday, 6th April, 2011
SOPHISTICATION of commercial bank documents, high bank charges, intermittent income inflows and a poor saving culture is driving low income Ugandans from commercial banks to informal financial institutions, development experts have said.
Micro-finance institutions, mobile money, village savings groups, Savings and Credit Organisations (SACCOs) and merry-go rounds are classified as Tier 3 and Tier 4 informal financial institutions.
“Commercial bank agreements are written in high class English, which is difficult for the lay people to understand,” Prof. Augustus Nuwagaba of REEV Consult said.
He says it is this sophistication of banks that causes discomfort especially by the modestly literate people and this is discouraging them from approaching formal financial institutions.
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