By: The Uganda Times
Over the years many Ugandan entrepreneurs at all levels have faced challenges of losing their businesses and property as a result poor and internal syndicated bank fraud. These challenges and more are some of the reasons that account for the slow development and growth of the business sector in the economy of our motherland. This leaves the business men and women who borrow money from lending institutions especially banks with no option but to seek for justice to ensure they are protected. This is the situation that has led to the creation of a fully fledged association (Uganda Borrowers and Bank Consumers Association) to protect all borrowers from exploitation by unscrupulous lenders.
Hence, we now bring it to the attention of all Ugandans that the fully facilitated and registered Uganda Borrowers and Bank Consumers Association is in place to stand for the rights of all borrowers in Uganda that have fallen victims of the prevailing poor Banking structures. Their objectives include but not limited to;
- Legal representation of all Bank customers that have unjustly been affected by internal fraud in their respective Banks.
- Push for Banking reforms that ensure borrowers and customers protection.
- Call for setting aside and retrial of all past judgment/settlements that were unjustly/unfairly settled with loss of property as a result of the defective 30% deposit Regulation 13 of the 2010 Mortgage Act.
- Offer free legal representation to individuals in regard to fraud cases in all licensed commercial banks.
- Investigate fraud against customers in Banks and offer solutions to related Banking problems that customers face.
- Advise Government or give opinions on Banking related issues like; the need to restructure the banking sector based on real existing challenges which require reforms.
- Forward researched and real impactful suggestions to all other parties working with the banking sector in Uganda like The Uganda Bankers Association on real solutions to fix borrowers issues.
- To ensure fair treatment of borrowers and all loan consumers by lending institutions through avoiding misleading and deceptive practices.
- Represent bank customers in formulation of policies, laws, structures at all levels in Government.
- Act as a collective vehicle to raise the issues and challenges borrowers face to Government and policy making stakeholders.
The Association will work in collaboration with all banking sector stakeholders to ensure transparent growth of the economy where borrowers are protected and given an opportunity to raise their concerns to the respective parties in charge. The association welcomes all members to check out our online information centers on Facebook, Twitter and the website. Growth and development of the Ugandan business sector has much to do with a streamlined banking sector that encourages entrepreneurship of all Ugandans.
You can find more details of Uganda Borrowers and Bank Consumers Association on www.ugandaborrowers.org
Source: The Uganda Times
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