This week, starting on December 1st 2023, millions of Ugandan borrowers from Supervised Financial Institutions (SFIs) have cause to smile. The SFIs, under their Uganda Bankers Association (UBA), will cease the unpopular but long-practised, habit of penalising borrowers who choose to repay their loans early. According to a source familiar with the decision “It applies to all outstanding loans regardless of amount, currency or tenor”. This is after the SFIs came under pressure from the Central Bank’s Deputy Governor Dr. Michael Atingi-Ego and Dr. Tumubweinee Twinemanzi, the Executive Director, Bank Supervision. Following Bank of Uganda pressure that included a Deputy…
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