By KT Reporter
Financial institutions have been urged to prioritize the training of loan applicants to enable them to better plan how to utilize the credit if granted.
It is being observed that a lack of adequate training normally leads to mismanagement of money and causes high default rates.
This call was made by Arua District Education Officer, Chalaire Omagor, following concerns that many borrowers are struggling to pay back loans.
Speaking at the launch of Unifi Africa, a microfinance institution, branch in Arua City, Omagor noted that many people misuse loans by spending without proper planning, especially on things that do not make returns.
In many cases, some borrowers resort to multiple loans from different institutions. Most of the most affected are civil servants, like teachers.
Unifi Africa’s Group CEO, Graham Crawford, acknowledged the financial management challenges faced by some people.
However, on the call for training of the public on financial literacy, Unifi African Arua Branch Manager, Joyce Amia, said that it is one of their plans and will come under Corporate Social Responsibility after fully settling and making assessments in the area.
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