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

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

Uganda Mobile money, SACCOS deny banks clients

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.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Africa Uganda Business Travel News .

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.