New Bank Opens in Pader

Pride Microfinance Limited has opened a branch in Pader, joining three other already existing banks in the district.

The managing director Pride Microfinance, Edward Nkangi, said on Friday that the bank had seen a need to open a branch in Pader to cater for the interests of rural people who cannot easily access financial services.

Nkangi said most banks  require collateral security as a condition for getting loans, yet, he said, rural communities do not have such security.

Nkangi adds that Pride Microfinance offers an opportunity for clients to form groups in which individuals guarantee each other.

He revealed that the opening of a branch in Pader brings to 32 the total number of branches Pride Microfinance has around the country.

Outgoing Pader district LCV chairman, Alfred Akena, welcomed the new bank in Pader saying healthy competition in the banking sector in Pader will promote development in the district.

Akena urged communities to utilise financial services availed by Pride Microfinance.

Pride microfinance joins DFCU, Stanbic bank and Agaru SACCO limited in Pader district.

Meanwhile at the same event on Friday, Pader Chairman Alfred Akena condemned Allied Cooperative Limited, a Savings and Credit Cooperative Organization.

Akena alleged that the SACCO had swindled poor people in Pader district off over 100 million shillings.

Akena said locals in Pader work hard in agriculture and small scale businesses and robbing them of their hard earned cash is unfair.

He asked banking institutions to be sincere and work towards the development of the people in Pader district.

The director commercial banking at bank of Uganda, Benedict Sekabira advised the people to opt for banks that are registered and are being regulated by bank of Uganda so that they can stay away from unscrupulous financial institutions.