Barclays Bank has launched a new product for small-scale local businesses. The bank, previously known for dealing with large corporates, has now designed a new package called Business Club, which offers loans and business training to small- and medium-scale entrepreneurs (SMEs).
"We have realised that market among the larger corporate sector, who have been our biggest clients, is now saturated and therefore any further expansion has to be in the local SMEs which make up the biggest percentage in the economy," said Mr Frank Griffiths, the bank's Kampala-based managing director.
He said that bankers find it hard to assess the creditworthiness of SMEs because they are not good at keeping records.
With the new Barclays product, which will start in October, clients will be trained in how to properly handle their company records, cash flow management and business networking.
Source: Africa News Services
