Commercial Banks Enter Uganda’s Oil Exploration Program.
Commercial banks have announced their involvement in Uganda’s oil exploration program.
This announcement was made by the Institute of Banking and Financial Services Uganda (UBIFS) during the 21st review meeting held at the Sheraton Hotel in Kampala.
The meeting was also attended by representatives from other East African banks, including those from Kenya and Tanzania.
Mary Gorreti Masadde, President of UBIFS, emphasized the vast opportunities the oil industry presents for generating income and expanding Uganda’s economy. She highlighted the role of the National Social Security Fund (NSSF) in this economic growth.
Masadde also expressed satisfaction with the growing number of financial channels available to Ugandans for borrowing and saving money.
This diversification means people are no longer solely dependent on traditional banks, providing greater financial flexibility and accessibility across the country.