Connect with us

Key Facts Documents and Consumer Protection Guidelines

Money and Markets

Key Facts Documents and Consumer Protection Guidelines

Carefully studying Key Facts Documents and Consumer Protection Guidelines before signing contracts for accessing financial services from supervised financial institutions can enable one avoid excessive costs of loans, Dr. Michael Atingi-Ego, Deputy Governor, Bank of Uganda, has said.

In general, he further said, being “forewarned and forearmed” with the powerful knowledge of what you will be paying back  and when, as well as your rights as a borrower from a supervised financial institution will enable you to protect yourself against losing your collateral.

“However, this is not the case with loan sharks who do not provide full information from the onset, but instead tempt borrowers with quick cash, only to end up charging an arm and a leg as they extract their proverbial pound of flesh when you inevitably struggle to pay back due to unfairly high interest rates,” he said.

He made the remarks while officiating at the handover the Nakaloke Health Centre III in Mbale district.  To read his entire speech, click on this link. Source – Bank of Uganda

Continue Reading
You may also like...
Click to comment
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Money and Markets

Ideashousebiznews

Uganda's leading Business, Brand, Trade Industry and Service Online Newspaper.
Covering Customer, Company and Country News, giving Accurate Analysis Assessment and Answers.

Advertisement

Upcoming: Ask The CEO (Patrick Bitature)!

Trending Stories!

Government In News

‘Gov’t cannot implement taxes without approval’

By February 14, 2021

Science, Innovations & Technology

Coke is launching a new bottle size for the first time in a decade

By February 14, 2021

Science, Innovations & Technology

The top 10 emerging technologies of the year

By January 5, 2021

News Categories

Subscribe to our Newsletter

To Top