11 October 2010

Uganda: Byarugaba Advises On Cost of Banking

Mr Richard Byarugaba, has advised bankers to reduce the cost of banking so as to attract more people to the industry.

Speaking at a farewell dinner organised for him by the Uganda Bankers' Association, Mr Byarugaba said banks must find a way of collectively reducing the cost of banking, to protect consumers from using money lenders who unknowing cheat them.

He said bankers have a responsibility to streamline the industry and also ensure that it is run according to the law.

Mr Byarugaba, who was recently appointed the National Social Security Fund managing director also handed over as the association's treasurer.

His appointment in August at the pension fund meant that he would have to resign at Global Trust Bank, which according to procedure puts him outside the association.

Building pillar

Mr Lamin Manjang, the chairman of the association and the Standard Chartered Bank managing director said Mr Byarugaba has been a building pillar at the institution, where he has contributed tremendously to the growth of the banking industry in Uganda."

"His (Byarugaba) conduct is extraordinary, and he is a very intelligent man," Mr Manjang said.

"We are happy that you made it to that position (NSSF MD), and we are optimistic that you will bring changes at the pension fund," Mr Manjang added.

The association urged Mr Byarugaba to carry forward the responsibility of trust that he has displayed throughout his career.

He has served the banking industry for 27 years with stints at Barclays Bank, Nile Bank Limited and Standard Chartered Bank.

He also worked with Hospice Africa, Palliative Care Association of Uganda and the Uganda Institute of Banking and Financial Services.

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