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Byline: Henry Zakumumpa
Earlier this year, a scheme was announced to enable public servants to own laptop computers. Unless one paid cash upfront, the catch was a bank loan with a 20% interest rate.
A quick calculation shows that payments one would make on the interest alone would be more than the cost on the laptop.
Many Ugandans are chocking under the weight of high loan interest rates and despite the pleas of authorities, including President Yoweri Museveni, banks still charge high interest rates. Little surprise then that virtually all banks in the country turned handsome profits last year on the back of a lucrative lending regime.