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@kfm Wed, 18 Oct 2023 08:41:24

Bankers abolish early loan repayment charges

By Ronald Ssenvuma The Uganda Bankers’ Association (UBA) has abolished early loan repayment charges on outstanding loans. This means that borrowers will now not be penalized for clearing their loan obligations early after the association agreed to drop what has for a long time been regarded as an “unfair” requirement. According to the UBA Executive Director Wilbrod Owor, this was resolved during the monthly CEOs’ meeting held on October 13, 2023. In a press statement, Owor says the move is in response to concerns raised during the Governor’s meeting with member CEOs on August 23, 2023. He says the CEOs’ meeting also agreed that the Bank of Uganda be notified of the decision with immediate effect and that members handle applicable communication to their […]

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