By Silvia Nyambura
Government is still not looking into the option of capping bank interest rates, David Bahati the Minister of State for Finance and Planning has said. Instead, they will continue to pressure commercial banks to reduce the said rates to ensure Ugandans have affordable access to credit.
Speaking at the opening of United Bank of Africa’s (UBA) new head office along Jinja Road on Friday 31st March 2017, Bahati said, “It should be within every bank’s first commitment to serve its customers better. A bank must prudently manage and protect depositor’s money, review its risk management systems and be steadfast in ensuring the sector is safe and sound. It is also every bank’s responsibility to ensure affordable access to credit and financial services. We will therefore, as government, continue to lobby for lower interest rates across the sector.
