70% of Ugandans do not want to borrow from formal financial institutions.
70% of Ugandans do not want to borrow from formal financial institutions like Banks according to the Financial sector Deepening Uganda.
Head of Business Environment, Financial sector Deepening Uganda Joseph Lutwama says that most people prefer borrowing from family members and friends because they fear losing assets to banks.
Lutwama says that some people borrow as a last resort from banks adding that financial institutions need to gain trust from the borrowers.
He revealed this during a presentation on the role of credit information sharing services in promoting financial inclusion and Economic Development in Uganda.