The Prime Minister, Rt Hon Robina Nabbanja, has praised the Association of Microfinance Institutions in Uganda for their contribution to the country’s economy but urged them to reduce interest rates on loans to Ugandans
The Prime Minister was speaking at the Mestil Hotel in Kampala where the institutions celebrated their 25th anniversary ,
Nabbanja also pledged to help these agencies access the funds set aside by the government to rehabilitate those affected by the COVID-19 lockdown.
The Prime Minister also urged slow-moving Ugandans to adopt the “Parish Development model” to avoid high interest rates charged by lenders.
Meanwhile , the head of the Federation of Credit and Investment Institutions Shafi Nambobi urged Ugandans to invest with these institutions as this will help reduce the interest rates charged by these institutions as these institutions sometimes borrow abroad due to lack of funds
Nambobi also urged borrowers to review the contracts before borrowing money , and asked them to review the activities in which they invest to borrow money and ensure that they borrow money the
can repay and not borrow for pleasure.
By mugula Dan
