Stakeholders in financial inclusion call for collaboration, better regulation

 

Financial inclusion and access to finance by smallholder businesses in Uganda is being hampered by the stiff regulatory regime of the Central Bank, according to a group of anti-poverty organization.

The Consultative Group to Assist the Poor, based at the World Bank, says there are many platforms that would help Uganda’s poor easily access finance, but for the regulations.

CGAP Coordinator in Uganda Nathan Were says the Bank of Uganda considers risk most in its regulation and this leaves very little gap for innovation.

He was speaking at the second workshop aimed at mobilizing electronic-based financial organizations or FinTechs, to fund agriculture in Uganda.

 

 

He calls on the Bank of Uganda to always engage banks to find where they have problems and where to improve, so that the borrowers can benefit more.

 

 

ABI Finance Chief Operating Officer, Josephine Mukumbya called for close collaboration with FinTech, Agribusinesses and Financial Institutions, as well as discussions with the regulator.