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Beneficiaries of student loans to be bonded to government
Government will bond students who benefited from the Students’ Loan Scheme to work in Uganda for a specified period of time as they repay the loan. This was announced by state minister for higher Education Dr. John Chrysestom Muyingo as he released the list of approved students to benefit from the loan for the 2016/17 academic year. Of the 3,239 applicants who applied for the loans from 112 districts, less than half 1,191 students have been approved as beneficiaries.
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Bad loans worry banks
With the banking industry non-performing loans at almost 7%, and profitability falling, the banks appear hard pressed between desire for extending more credit and the still high risk perception of borrowers. According Arthur Isiko, acting Managing Director Bank of Africa, the impact of this situation is likely to take two to three years to pass away.
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