Credit Bureau
In 2008, a credit reference bureau was established for the first time in Uganda. The bureau, Compuscan, based in South Africa, has subsidiaries in Botswana, Namibia, Rwanda and Uganda, with new ones planned in Kenya and Zambia.
With improved credit risk assessment afforded by the credit bureau, new products including medium and long-term financing like car loans and mortgages have been introduced by most Ugandan commercial banks. As of February 2010, interest rates which were in the 20% to 30% range before 2008, were down to as low as 10%, for the best customers at some banks.
Read more about this topic: Banking In Uganda
Famous quotes containing the words credit and/or bureau:
“The solar system has no anxiety about its reputation, and the credit of truth and honesty is as safe; nor have I any fear that a skeptical bias can be given by leaning hard on the sides of fate, of practical power, or of trade, which the doctrine of Faith cannot down-weigh.”
—Ralph Waldo Emerson (1803–1882)
“We know what the animals do, what are the needs of the beaver, the bear, the salmon, and other creatures, because long ago men married them and acquired this knowledge from their animal wives. Today the priests say we lie, but we know better.”
—native American belief, quoted by D. Jenness in “The Carrier Indians of the Bulkley River,” Bulletin no. 133, Bureau of American Ethnology (1943)