Stop giving excuses for failing to save - BoU

Opportunity Bank CEO, Tineyi Mawocha (2nd L), Board Chairman Phillip Karugaba (3rd L) join other bank officials and customers to cut the cake during the bank's customer interface and relations day at Imperial Royale Hotel last week. Mawocha revealed that they are targeting a Tier 1 bank status starting next year. Photo by Swaib Raul Kanyike.  

In Summary

• The minimum capital requirements for the various tiers of financial institutions supervised by Bank of Uganda indicates that for a commercial bank to attain Tier 1 status, it has to have 1.25m currency points (Shs25b). Each currency point equals Shs20,000.

By SWAIB RAUL KANYIKE

Kampala. Saving must be a lifestyle and no excuse must stand in its way, according to Ms Tilda Nabbanja Turyagyenda, the Team leader-financial literacy at Bank of Uganda.
Speaking during a customer relations day, organised by Opportunity Bank, Ms Turyagyenda, said “saving is as old as humanity” and has the potential to save business people from borrowing high interest credit facilities.

“Saving should be part of our lifestyles. Yes, it involves what many of us call starving ourselves but in the end, the results are worth the sacrifice. Many of us say we can’t save because what we earn is not enough. But we forget that if we can’t plan for the little money, then we are not ready for the big money,” she said, emphasizing that it was high time Ugandans take saving as a priority.

Ms Turyagyenda also advised Ugandans to embrace the different innovations that have been put in place, especially the banking and financial sector.
A number of innovations such as digitisation, have been put in place, which eases movement of money.
This, Ms Turyagyenda said, must be utilised to improve the saving portfolio.

Ms Tineyi Mawocha, the Opportunity Bank chief executive officer, said the current digital trend has helped the banking sector to have an expanded reach with customers accessing services such as loan application online.
“This year has been a good one for us [and] we are optimistic about 2019. We want to attain Tier 1 status as a major priority,” he said.
The minimum capital requirements for the various tiers of financial institutions supervised by Bank of Uganda indicates that for a commercial bank to attain Tier 1 status, it has to have 1.25m currency points (Shs25b). Each currency point equals Shs20,000.

skanyike@ug.nationmedia.com