Uganda: Enact Law On Leasing, Banks Tell Country

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The Citizen (Dar es Salaam)

25 July 2008
Posted to the web 25 July 2008

Tom Magumba

With more Ugandans acquiring business facilities through leasing, players in the banking industry have underscored the need for a law to protect their businesses.

Interviews with industry players indicate that they are currently engaged in talks with the government, World Bank and the private sector to legitimise financial leasing.

They say that once the law is enacted it would build confidence among banks and other financial institutions to give loans without fear.

Financial leasing is a system which allows people to access financial services from banks through hiring equipment.

Mr Moses Kibirige the president of the Uganda Leasing Association said the government has provided funding to pursue this very challenging process that could take up to three years.

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