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:
“There is nothing less to our credit than our neglect of the foreigner and his children, unless it be the arrogance most of us betray when we set out to “americanize” him.”
—Charles Horton Cooley (1864–1929)
“We passed the Children’s Bureau bill calculated to prevent children from being employed too early in factories.”
—William Howard Taft (1857–1930)