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SACCOs vs Banks for Development Funds | Uganda News
Residents in Greater Masaka are demanding government development funds be channeled through SACCOs, arguing they’re far more accessible and community-focused than commercial banks—banks accused of steering applicants toward their own high-interest loans instead. At a Bank of Uganda and Ministry of Finance event, locals shared frustrations over denied access to government-backed money, even after bank applications. The core issue? Trust and accessibility—SACCOs understand local needs and bypass bureaucratic hurdles, while banks prioritize profits. The Bank of Uganda has promised an…
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