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COVID-19: Financial Institutions Cry Foul

Gerald Mugisha, the Manager Equity Bank Hoima branch says government should consider the financial institutions as the directives on corona virus are being implemented adding that most of the clients could use this chance to completely default.

Audio 2

Financial Institutions and Money lenders in Hoima district are struggling to recover loans disbursed to various individuals because of the Corona virus pandemic. 

Some of the financial institutions say their clients have adamantly refused to service their loans citing the presidential directive stopping certain businesses such pubs, entertainment spots and drinking joints as a control measure against the spread of COVID-19.    

Several clients affected directly by the presidential directives have refused to service their loans. 

Monica Aijuka, the KCB Bank Manager Hoima branch says it has become so hard for them to compel their clients to services their loans, saying they are taking advantage of the presidential directive not to pay up. 

She calls on government to come up with appropriate measures to help the banks to recover the loans. 

Dan Asiimwe, the Manager HOFOKAM Uganda limited, a money lending firm, says their clients are complaining indicating that they are out of business yet others are not affected by the presidential directive.

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Gerald Mugisha, the Manager Equity Bank Hoima branch wants government to consider financial institutions while enforcing the directives on corona virus, saying most of their clients could use this chance to default completely.

 

Godfrey Balikurataki, a proprietor of a bar in Kigorobya town council in Hoima district secured a loan from one of the financial institutions in Hoima town. 

Balikurataki says his hands are tied since he is out of business because of the presidential directive. 

He calls on the financial institutions to exercise patience until the presidential directives on corona virus are lifted.

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