BOU Deputy Governor Dr-Louis-Kasekende (right) and his boss Emmanuel Mutebile
Bank of Uganda Governor Professor Emmanuel Tumusiime Mutebile has cautioned commercial banks to always explain all their terms and conditions of a loan to customers before they loan out their money to customers.
Mutebile says commercial banks have a variety of loans to offer to their clients but they choose not to explain anything to their clients which later becomes a burden for customers when its time to pay back.
Mutebile made the remarks while launching a Key Facts Document which shall be given to any bank client prescribing all the services offered by commercial banks country wide.
The Bank of Uganda Financial Consumer Protection Guidelines under Article 4 (2) enjoin all financial service providers to explain to customers the terms of the services they offer before the customers take on such services