In an effort to find a lasting solution to the high cost of credit in Uganda, commercial banks under their umbrella organization, Uganda Bankers Association (UBA) have embarked on a series of consultative meetings with various stakeholders.
UBA kicked off the consultative process on October 3, 2016, by meeting Members of Parliament from the Parliament of Uganda and is scheduled to meet public, private sector, and civil society member organizations between October and December, 2016.
Commenting on the initiative, Mr. Wilbrod Humphreys Owor, the Executive Director UBA said, “Uganda Bankers Association is listening carefully to the various concerns and contributions being made on this subject because the current challenges impact all of us.
“We are confident that through this consultative process, we shall find good directions towards the challenges around the financial sector and wider economy and make good progress in not only addressing the issue of the cost of credit but also tackling the real underlying causes and dynamics behind the price of this commodity called money”
Mr. Fabian Kasi, the chairman UBA remarked: “I strongly believe that the approach we are taking will result into appropriate recommendations that we can adopt to overcome this challenge and ensure that there’s sustainability in the businesses we all do.
UBA comprises of 25 commercial banks and one development bank in Uganda. Its mandate is to promote a strong and vibrant banking sector, encourage good governance and best practices in banking as well as represent the professional and business interests of its members.