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Financial expo to offer customer tips

Many players in the financial industry will next week meet at the Lugogo main exhibition hall to offer tips to customers in what is known as the fourth banking, finance and insurance expo.

By offering such tips, the players, who will come from banks, insurance, microfinance, among others, hope customers will appreciate the need to sign up to the various financial products, and, in so doing, try to widen their markets.  "Banking, Finance and Insurance Expo 2012 will focus on enhancing competitive capacity for financial institutions by showcasing competitive products to the public as well as exhibiting superior financial management and customer service systems," notes a press statement from Royal Way Media, the organizers of the event.

David Sempala, the Chief Executive Officer of Royal Way Media Ltd, says: "Broadly, we aim to improve the public capacity to have familiarity and understanding of Uganda's financial market products, rewards and risks in order to make informed choices. Viewed from this standpoint, this event primarily relates to financial education to enable individuals take effective actions to improve overall well-being and avoid distress on financial matters."

The organizers say the expo is timely in light of the growing calls by the public for government to become frugal while executing its budget. The financial sector plays a key role in designing products that can mop out excess liquidity from the market through different savings schemes, and possibly channel that money to investment-related ventures.

Sempala says the expo gives customers to understand the hidden tactics that many customers might consider while signing up to these products. "Uganda's financial markets offer a variety of both simple and complex financial products. From simple personal account opening to mortgages and invoice discounting, it is difficult for the common person to grasp the downside risks associated with financial and insurance products especially if confronted by the current blitz of today's clever advertising," he said.

The expo will run from March 22-24.

mugalu@observer.ug

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