Government commits to supporting finance innovation

By APN Reporter

The government has committed to supporting innovation in the financial sector to ease the acquisition of credit by citizens.

Rachael Muhereza, the Manager in charge of Microfinance Institutions at the Uganda Microfinance Regulatory Authority (UMRA) while presiding over the launch of another branch of UNIFI Uganda at Kabalagala, Makindye Division, a financial Institution recently said Government is committed to regulating financial services in the country.

She adds that this shall enhance the client’s protection from dubious service providers.

According to Ms. Muhereza Government of Uganda is committed to supporting financial institutions in a bid to guarantee innovative services to the market. 

“Government welcomes all innovative ideas and services in the finance market,” she said.

Michael Boden, the UNIFI Country Director said the expansion is meant to extend various financial services to employed city dwellers. 

“The opening of this branch is to bring services to employees around Nsambya, Kabalagala, Muyenga, Kasanga, Kibuli, and other places in the fast-growing neighborhood,” said Mr. Boden.

He noted that the existing and prospective Unifi customers will be using the *282# USSD mobile application on MTN and Airtel networks at no cost to save time and effort for clients, giving them value for money services, transparency, and improvement of service as well as the convenience of access to loans service using their mobile phones. 

The application gives customers an avenue through which they can check their balances, amend their personal details, or report issues as well as Unifi loan requirements to re-loaning. 

UNIFI has been offering unsecured lending services to underserved markets across Sub-Saharan Africa since 2006 using world-class analytics and technology to offer credit and other finance-related products and services. The countries UNIFI already operates are Zambia, Tanzania and South Africa, and now Uganda.

UNIFI Uganda has four branches; Wandegeya, Clement Hill Branch, Kabalagala, and Parliament Avenue.