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Uganda: Govt Shifts to Saccos for Savings
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New Vision (Kampala)
8 May 2008
Posted to the web 9 May 2008
Charles Bwogi
Kampala
THE Government is turning attention to micro-finance institutions and the Savings and Credit Cooperatives (SACCOs) to boost domestic savings after commercial banks failed the test, a top official said this week.
"The laws we have helped deepen the banking sector but not micro-finance institutions.
"The Government now sees the need to support micro-finance institutions," Fred Omach, the finance state minister for general duties, said.
"The Government is working to establish an apex body to regulate and promote micro-finance institutions' activities," the minister, said.
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Omach was speaking at the Centenary Bank- sponsored 5th Microfinance African Institutions Network conference at the Imperial Royal Hotel, Kampala.
Prof. Ddumba Ssentamu, the Centenary Bank chairman, urged the Government to support micro-finance institutions.
Several participants decried unfriendly loan terms imposed by the main stream banks, saying the locked out small borrowers.
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