The executive director of Private Sector Foundation Uganda (PSFU), Gideon Badagawa, has challenged bankers to educate clients on how best they can insure their businesses to enhance their sustainability.
Currently, Uganda is ranked among the top business starters but also with highest business collapsing rates. Badagawa said this is partly due to failure to insure those businesses.
“The financial services sector is very critical for private sector growth. It is also important for the growth of other sectors such as agriculture, manufacturing, energy, tourism, education and transport. However, they all lack the knowledge of insuring sustainability,” Badagawa said.
He was speaking during the seventh graduation ceremony for the Uganda Institute of Banking and Financial Services, where over 60 students graduated.
The function took place at the City Royale Hotel in Kampala. Badagawa stressed that many Ugandans, especially in business, are not taking insurance policies which works against business prosperity.
The executive director private sector foundation Uganda (PSFU) has advised graduates from the Uganda Institute of Banking and Financial Services (UIBF) to offer more financial services other than credit for the economy to grow.
Speaking during the institute’s 7th graduation ceremony recently, Mr. Gideon Badagawa said despite the vital role that credit financing plays in growing small and medium enterprises (SMEs), bankers also need to overcome other challenges that stagnate growth.
He cited lack of appreciation of insurance by SMEs, whose role is to mitigate uncertainties and risks that are dangerous to any business.
“……everyone is crying out for money. When we talk about financial services, it is not only about money. There are many other things that it constitutes like insurance and others beyond money that are vital for the private sector to thrive,” he said.
The Financial Markets Association (ACI) provides a suite of specialized examinations in the areas of foreign exchange, fixed income, money markets, derivatives, repos, asset liability and risk management for front, middle and back-office staff.