A South Sudanese banker on Wednesday concluded that commercial banks operating in South Sudan are exploitative, labelling them as ‘cheats’.
Lokiri Gideon Mogga told CRN that he realized commercial banks are overexploiting and cheating the public apart from safeguarding money, citing KCB charges of 1.5 percent per withdrawal and lack of interest for savings’ accounts.
He recounted how he lost 60 US Dollars for withdrawing 4000 US Dollars without any interest even after saving for years.
The banker questioned how financial services of commercial banks are benefiting clients as they inject clients’ money in businesses to generate profits for themselves.
Mr Gideon said commercial banks in Uganda and other countries benefit the public instead of cheating, calling for government intervention to put a better system in place.
Equity Bank Director Dr Spencer Kenyi admitted that exploitative policy of commercial banks as a big problem, blaming it on the economic set up of the country
He added that South Sudan economy does not allow borrowing by the private sector to generate more income.
Dr Kenyi said government being the biggest client of commercial banks often fails to fulfil commitments and its shortcomings affect banks operation.
The renowned economist advised the government to diversify the country’s economy through agriculture and industrialisation to make the financial system vibrant.