Centenary Bank is making in-roads in the Busoga sub-region and by the end of this year, it will have opened a new branch in Kamuli. Moses Oseku, the branch’s interim manager, says they have everything in order and are only waiting for supervisors from Bank of Uganda to ascertain that they will follow the minimum safety regulatory standards.
The area currently has only one commercial bank (Stanbic) that serves Kamuli, Luuka, Buyende and part of Kaliro district. The insufficient banking services have piled pleasure on the only ATM machine in the district, which usually breaks down due to constant usage and poor handling.
The residents here are happy with the move, saying the bank will save them from money lenders who charge exorbitant rates. Peter Kagoda, a teacher at Nayenga primary school says the money lenders take advantage of their ignorance and levy prohibitive rates.
Among the services the bank will offer include salary loans, home improvement loans, electronic money transfers, school fees loans and micro-loans for small and medium enterprises.
Agricultural loans will improve the people’s livelihoods, although Oseku notes that only those who meet their expectations will benefit. Clients will open accounts with an initial deposit of Shs 10,000.