President Yoweri Museveni has blasted Stanbic bank Uganda for offering heavy interest lending rates of 14 percent to youth intending to borrow money to start a business under the newly launched Business innovation program.
The business innovation program is a youth-based program funded by the United Nations Development Program-UNDP in partnership with the government and Stanbic bank and targeting groups and individuals.
The program is an addition to other youth programs like the youth livelihood, youth venture capital fund and talent support scheme.
The Impact of COVID-19 Pandemic has seen at least 50% of youth in Uganda pushed out of employment following the outbreak of the coronavirus in the country.
During the presidential speech that happened on Thursday afternoon at the statehouse Entebbe to celebrate the international day of the youth, President Yoweri Museveni invited the Stanbic bank managing director Anna Juuko to shade more light on why they were picked as the go-to bank for borrowing.
Juuko boldly stated her reasons that included, creating a platform where the youth with ideas can share them, mentoring them on how to stay consistent in business, and Providing capital for the youth to start at a lending rate of 14 percent.
Juuko who asked the scientific audience to clap for her for the fair lending rates received unwelcoming answers describing the percentage of 14 percent as high.
She was then told to seat down by Museveni who immediately advised the bank to cut their rates in the interest of the youth program to at least 12 percent.
”That used to be Uganda Commercial bank before I gave it to these people because I thought they would take care of it-Museveni said
The president has also encouraged the youth to stop sleeping and get active.
‘To the youth, wake up and stop wasting time talking, you’re not impressing anybody especially me. You’re telling me what I know very well’ Museveni said
