City Businessman Hamis Kigundu has hit back at the Uganda Bankers Association(UBA),telling them to stop lying to Ugandans about the state of the banking sector and why many banks continue selling off prime properties of wealthy entrepreneurs at the cheap.
In a detailed opinion piece, Kiggundu urged the Uganda Bankers Association to approach the issues affecting banking “with soft hearts, pure clean hands and open minded rather than being simply defensive because the call for reforms was raised with clean intentions in the interest of developing our motherland Uganda”
Kiggundu revealed that the ED of Uganda Bankers Association tries to highlight the role played by the different players within the financial sector in general and specifically the role played by the commercial banks in the financial sector.
Kiggundu, who is also the author of Success and failure Based on Reason and Reality, argued most highly educated people are limited to thinking, never stretching up to reason. We think to survive but reason towards prosperity. Thinking is basic but reasoning is deep. Most highly educated people don’t think behold mere written principles or policies.
“Dominance by foreigners in top management position, current discriminative policies against Ugandans on Interest rates as we are given higher rates compared to foreigners, discrimination on Loan amounts disbursed as Ugandan are under Financed compared to foreigners, lack of transparency of Banks to customers, inadequate legal frame work and structures when it comes to Banking laws that tend to protect these Banks at the cost of their customers,” Kiggundu wrote.
On the issue of ownership of banks, Kiggundu argued that out of the top 10 banks that made a profit of Ugx- 852billion and out of the top 10 banks, only 2 are Ugandan owned banks.
“The remaining 8 top banks which are foreign owned together made a total profit of Ugx- 675billion in 2019. And therefore the concern is on where all this Ugx- 675billion was taken to. (Bank investors’ country of origin),” Kiggundu wrote.