March 21, 2013

BOU tells Banks to be Open to Customers

Justine Bagenda The deputy governor bank of Uganda in charge of  supervision, has advised commercial banks to open up to customers such that they understand their products and tariffs. she  blamed bank secretiveness for the mistakes customers make while borrowing,

Ms Bagenda who was speaking at the banking exhibition. she went ahead to say that the number of Ugandans that understand financial services is minimal, so banks should take time to explain to them what their products mean.Bagenda’s request comes at a time when many borrowers are struggling to meet their repayment obligations because  they didn’t understand the terms and conditions when they were borrowing. Bagenda went ahead to advise customers to make use of the cooling off period i.e the 10 days after which a customer is free to return the money. To understand the conditions of the loan.

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