Amon Muhumuza
Ntungamo
The minister for education and sports, Ms. Janet Museveni, warned financial institutions on Wednesday against charging unreasonably high rates to money borrowers, saying that it scares away the institution’s users from borrowing the money.
She, however, applauds the financial institutions for their concerted efforts with the government of Uganda in fighting poverty at the household level.
Minister Janet Museveni made the remarks as the guest of honor during the launch of an Equity Bank branch in Eastern Division, Ntungamo municipality, and Ntungamo district that was held at Ntungamo municipal council premises.
Ms. Janet encouraged the Equity Bank team to equip the institution’s users with knowledge about financial management before they borrow money from the institution to avoid the misuse of the borrowed money, and she urged the people not to borrow money before saving.
“I am not encouraging anyone to borrow the money from Equity Bank and other financial institutions before saving.” She said,
The minister noted that she has always thought about empowering women and youth, and she thinks that Equity Bank, with its unique features of fighting poverty among Ugandans, is optimistic that her dream will be fulfilled by them.
She appealed to the borrowers not to default on the borrowed money from the equity bank.
The minister also cautioned health workers against neglecting patients when they come for medication and suggested networking in villages as a way of practicing primary health care to stop congestion of patients at the health centers.
The Managing Director of Equity Bank, Mr. Anthony Kituka, hailed the Minister for honoring the invitation to launch the Equity Bank branch in Ntungamo and said that Equity Bank is among the five banks in its developing economy and has over 2 million customers.
He noted that Equity Bank is number three in loans and deposits; it also deals with lending, insurance, and expanding opportunities for wealth creation.
Equity Bank started in 2008 in Uganda with the purpose of targeting people with microprojects.
He rallied all Ntungamo people to use Equity Bank since it is the best of all, mostly for its good services.
Other invited guests were Woman MP Ntungamo, Joselyne Bata Kamateneti, Henry Zinkurataire MP Ruhaama, Yona Musinguzi MP Ntungamo municipality, LCV Chairperson Ntungamo Samuel Muchunguzi Rwakigoba, Rev Bishop Nathan Ahimbisibwe, Khadi Sheikh Swalle Kashangirwe, and other dignitaries from Ntungamo district.
