We Need Patient Capital to Support Tenfold Growth Strategy- Musasizi

Finance Minister Henry Musasizi has called upon Uganda Bankers’ Association to work towards making the cost of money cheaper and accessible to sustainably finance the ATMS and Enablers.

The Minister made the remarks while meeting the members of Uganda Bankers’ Association (UBA) at the Finance Ministry to discuss ways of strengthening the partnership between Government and the Financial Institutions.

 The UBA team was led by their Vice-Chairperson Grace Muliisa who is also the Managing Director and Chief Executive Officer of Ecobank Uganda. Uganda Bankers’ Association is an umbrella organization for licensed commercial banks supervised by Bank of Uganda.

Musasizi who was flanked by the Governor Bank of Uganda, Dr. Micheal Atingi-Ego said UBA should work with Government to lower the interest rates, adding that he was pleased with the financing structure which is now directed towards ATMS. He also thanked the private sector for embracing the ATMS.

Muliisa said UBA is committed to supporting the tenfold growth strategy, mobilizing funds to expand private sector growth and gradual lowering of interest rates.

They also discussed tax matters affecting banking and financial services in Uganda including the treatment of income and expenses for government securities.

The Executive Director UBA, Wilbrod Owor called for the fast-tracking of financial sector reforms that will drive the country’s transformation agenda.

The Governor Bank of Uganda said the amount of resources required for the tenfold growth is huge and there is need to crowd in the private sector. He also noted that domestic savings are not sufficient, which calls for innovative ways in acquiring external financing.