During a pre-planning meeting held on Saturday 20-5-2023 at Rose Villa hotel, WestNile Entrepreneurs and Contractors Association (WENREACA) have threatened to exit Stanbic Bank on claims of disparity, concealment of information, harsh terms and policies when it comes to lending them loans.
The information our reporter has obtained indicates that, both Stanbic Bank officials from Kampala and WENREACA members have agreed to have the dialogue meeting slated for Thursday 25-5-2023 to discuss favorable terms for strategic partnership and business in the region.
During Saturday's meeting, members of WENREACA have expressed their total dissatisfaction with the services they get from Stanbic Bank.
The association alleged that, the Covid-19 funds and Agriculture credit fund for farmers, which government of Uganda channeled to help the business fraternity in Uganda, has not benefited any Entrepreneur or Contractor or Farmer from WestNile region.
The association now wants Stanbic Bank and other Banks in WestNile region to explain where the monies have gone.
The association has also expressed their disappointment with the services they get from the bank in regards to borrowing loans, its interests rates and the terms and conditions attached when they need their services.
Mr Ezama Ham Mizamil who is the proprietor of Iron Investments Company Ltd, pointed at the gaps caused by disunity and tribalism amongst some people of WestNile region, which he said, turn around to purchase collaterals from defaulters after influencing the banks to speed up the sale.
Mr Ham who also doubles as the interim Chairman of the association, said, Entrepreneurs and Contractors in WestNile region have not benefited under Tax holiday from Uganda Revenue Authority (URA) despite efforts of harwork by the business fraternity in the region.
Mrs Bako Judith warned Men against using their wives as guaranteers for borrowing loans but at the end they default and run away, henceforth leaving their wives to be liable for it.
Mrs Bako who made the caution from accounts of an eye witness testimony, said, on Friday 19-5-2023, she saw a woman who signed as a guraanter for her husband in borrowing a loan, was arrested and later on fainted in Arua magistrates court after her husband disappeared for defaulting to pay the borrowed loan.
Mr Andama George, the director of JJ Spares, and also Spare Motors, has urged the Association to push for reinforcement of the law to ensure foreigners like Indians who come to Uganda to scramble with Citizens in doing retail businesses, remain in their lane of being investors, as described by the law.
Mr Leti Yophas castigated Business Chairpersons in Arua over dictatorship, adding that, we have some people here who call themselves as Business Community Chairman for over 20 years and yet this person is working alone without vice or secretary.
He stressed that, some banks and money lenders are the most dangerous entities who harass and auction people's properties for defaulting to pay loans.
"I borrowed a loan of 2 million shs in 2020 from a money lender and that laon has caused divorce in my family because my wife who signed as a guraanter was arrested in my absence and taken to court", Mr Leti added amidst laughter from many people in the meeting.
In his conclusion remarks, Mr Leti not only thanked the people who formed WestNile Region Entrepreneurs and Contractors Association (WENREACA) but he also advised other businessmen and business women outside there to join and get registered with full ID of the association.
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