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 thief steals from himself. The swindler swindles himself. For the real price is knowledge and virtue, whereof wealth and credit are signs. These signs, like paper money, may be counterfeited or stolen, but that which they represent, namely, knowledge and virtue, cannot be counterfeited or stolen.”
—Ralph Waldo Emerson (1803–1882)
“If this bureau had a prayer for use around horse parks, it would go something like this: Lead us not among bleeding-hearts to whom horses are cute or sweet or adorable, and deliver us from horse-lovers. Amen.... With that established, let’s talk about the death of Seabiscuit the other night. It isn’t mawkish to say, there was a racehorse, a horse that gave race fans as much pleasure as any that ever lived and one that will be remembered as long and as warmly.”
—Walter Wellesley (Red)