OUR BANKING SYSTEM IS PROBABLY THE POOREST IN AFRICA


The banking system is shambolic as well including money gram. I went to DFCU and handed in my ID- a UK driving permit- it’s not considered as an identification in Uganda despite it having my DOB and full address.

“Madaamu eno si id, genda olette id”. This was after queuing up & everyone who rushes to the Branch Manager’s desk is sent to the till has a right to automatically by pass the que and thus stand still infront of me.

So, I called out the Branch manager & requested him to reword his send offs simply as-“que at the till”

He was kind enough to apologize and asked everyone to que behind.

Well, rushed back in-between boda boda jams to pick up my passport, got back in the que and my middle name was not included on receiver’s names.

“Nyabo call the person & tell them to include it, in between gritting my teeth & sweat, I politely walked away.

I told the person to do as the bankers had requested, off to Kisementi-and the machines are down, they said; ” Monegram machines have been down since last week, try again tomorrow.”

I gave up, thinking that the machines were down, went to DFCU the following day & they realized the spelling of my first name was different – Rhita Vs Rita – what a load of bullocks….

I was almost advising the person to keep it when I happened to pass by Metropolitan Bureau at Garden City after 9pm, with no questions asked, no spell mishaps, they handed me the funds.

The banking system in Uganda is in utter shambles, you’re charged 10% to use a Uganda debit card and depending on your bank you get charged to draw your hard earned cash from the cash machine- whilst using a Ugandan Bank card!!!!!!

This is why there is a lot of unaccounted for cash flow in Uganda, people find it easier to spend than save for tomorrow- why save in a bank to accrue charges, hardly any interest.

In Uganda, if you for example have a Barclay card & use it to draw funds from a Stanbic ATM, you’re charged on top of all the ridiculous bank charges( I guess this is pocket charge for people like you)

These charges plus the fact that using a Ugandan debit card to make purchases, and one is charged about 10% makes the banking system shambolic.

The system is encouraging more use of an un-monitored cash flow making it easy for the government & all parastatals not to account for our taxes.

For example is the money your dearest M7 hands over to anyone- where is it from? From his earnings? Our confers or from selling off our institutions?

What sort of transaction is stated against it?

The other day my friend’s mum who works in Privatization Unit went to monitor Kinyara Works – where we’re supposed to have 50% share, on arriving she was informed that it too had been sold off by the HUGE man.

Such a transaction was made in cash- she could not believe it. Here we’re blaming people employed in these entities but bless them, their hands are tied.

Next, a fleet of army vehicles came and told her to leave, ask no more questions. How was this payment made?

Mutubye nyo Naye mujja bisesema bwebinaaba tebinabatuga….

Pendie Wasswa via the UAH forum

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