The Governor Bank of Uganda, Emmanuel Tumusiime Mutebile has urged commercial banks to extend banking services closer to the people if the latter is to benefit from the services they provide.
The governor was speaking at the opening of the 12th branch of Stnadard Chartered Bank in Namasuba, a Kampala suburb on Nov. 28.
"Banking is becoming more and more competitive and the expectations of customer service are continuously being raised," Mutebile said. He believed that Standard Chartered Bank was doing its part, but more importantly the Bank was listening to its customers and developing the products and services they tell it they want.
Mutebile applauded the bank for engaging in a number of community initiatives - restoring sight to 12,000 people; planting 200,000 trees; provision of safe water sources; fighting the spread of malaria among others.
"Other institutions are hereby called upon to emulate this example," he said. Being a liberalised economy, Uganda has 25 commercial banks offering both retail and wholesale banking services to over 10% of Ugandans participating in the banking sector.
Over the years, sector analysts have urged banks to extend their services to the rural areas instead of concentrating in Kampala, the capital city. Of late two new banks-NC bank Uganda ltd and Bank of India Uganda limited officially opened business in Uganda pushing the number of licensed banks to 26 before the central bank revoked the license for the National Bank of Commerce to reduce the number to 25.