MICROFINANCE DEPOSIT TAKING INSTITUTIONS ... - Bank of Uganda

BANK OF UGANDA

Plot 37/45 Kampala Road, P.O. Box 7120 Kampala, Telex: 61069/61244 Fax: (+256-414) 233818., General Lines: (+256-414) 258441/6, 258061/6, 0312-392000 or 0417-302000 , Website: www.bou.or.ug, E-mail: [email protected]

MICROFINANCE DEPOSIT TAKING INSTITUTIONS(MDIs) CHARGES AS AT SEPTEMBER 30, 2016 Bank of Uganda regularly publishes these Financial Institution Charges in the local press to promote transparency and enhance competition in the provision of financial services to the public. Bank customers who are charged differently from what is published are advised to report to Bank of Uganda. Amounts are in Uganda Shillings and attract 10% excise duty unless otherwise stated.

Initial deposit Minimum Balance

Opening fee

Penalty below min Savings Insurance Ledger fees per entry Account Management/Service fee

Statement Interim statement/additional statement Duplicate statement Drawings/Withdrawals

Withdrawal without passbook/card Interbranch charges Cash deposit charge Savings card/Passbook cost Passbook/ card replacement Savings withdrawal books Closing account

Dormant/Inactive Accounts Dormant Account reactivation Cheques collection Upcountry cheques collection Returned cheque-Insufficient funds Returned cheque-Effects not cleared Returned cheque-Technical Returned cheque by other banks RTGS charges EFT charges Outgoing/incoming

FINCA

PRIDE

N/A “a) FINCA Easy - Shs.10,000 b) FINCA Target - Shs.10,000 c) FINCA Junior Acounts -Shs.10,000 d) FINCA Smart start - Shs. 10,000 e) FINCA group and Corporate accounts-Shs.50,000 N/A

Individuals - Shs.2,000 Institutions - Shs.50,000 Shs.2,000

Shs.10,000 N/A N/A “a) Target and Group accounts - Shs.1,000 b) FINCA Corporate & School fess collection accounts - Shs.10,000 c) FINCA Junior - N/A, d) FINCA Easy - Shs.2,000 e) FINCA Smart Start Savers - Shs.500 f) Bank slip charges - 2,200 g) All the above atrract 10% Exercise duty” Free Monthly Statement Shs.1,000 per page Shs.1,000 per page a) FINCA Target - Shs.5,000 for more than one withdrawal a week. b) FINCA Junior-Shs.5,000 for more than one withdrawal a month.

Shs.1,000 N/A N/A “1) PRIDE Akiba - Shs.1,000 p.m 2) PRIDE Smart - Shs.1,000 p.m 3) PRIDE rising stars - Free 4) Save for a Target (SFT) - Free 5) Save as You Earn (SAYE) - Free”

N/A Nil N/A N/A N/A N/A “a) Smart start accounts, FINCA Easy accounts, FINCA target, FINCA Junior,FINCA Corporate & FINCA Group accounts - Shs.5,000. b) Fixed accounts - No charge” N/A Shs.5,000 Shs.5,000 N/A Shs.10,000 Shs.10,000 Shs.10,000 Shs.10,000 N/A Shs.25,000

Stop Payment orders Standing orders (within MDI) Standing orders (to other Financial Institutions) Certificate of balance Salary handling School fees URA collection Safe custody charges SMS alerts/Mobile Banking Charges

Shs.10,000 N/A Shs.25,000 Shs.5,000 Shs.2,000 Shs.2,200 N/A N/A “a) 1-5 sms - Shs.500, b) 6-10 sms - Shs.1,000, c) 11-15sms - Shs.1,500, d) 16-20sms - Shs.2,500, e) above 20sms - Shs.15,000 f) Balance inquiry & Mini statement - Shs.200 g) Account to account transfers, bank to wallet - Shs.500 h) Wallet to bank - Free”

Advance application fee Advance commitment fee

Shs.10,000 only for business loans “a) Monthly Group loans - 1% b) Individual loans - 3% “ N/A N/A

Arrangement fees Advance processing/admin fee

Monitoring fee Assessment costs/other loan related charges Insurance fee Interest Rates

N/A N/A “a) Business and Group loans - 0.6% b) Salary and Energy loans - 1% “ a) Group loans - 5.73% p.m. b) Individual loans - 2.5% to 4.25% p.m. All the above are on declining balance basis.

UGAFODE

EFC

N/A “Junior Savings Account-Shs.10,000 Group savers account-Shs.10,000 Target saving account-Shs.100,000 Institutional savings, ordinary savings, Fixed deposit accounts- Nil”

N/A Shs.20,000

“Junior Savings Account-Any amount above the minimum balance Ordinary savings account-Any amount Group save account-Shs.10,000 Target savers account-Shs.10,000 Institutional savings accounts- Shs.20,000 Fixed deposit account-Shs.100,000” Nil N/A Nil Shs.1,000 per month.

N/A

Shs.550 per page N/A N/A “1) PRIDE Akiba - Two free withdrawals per month, otherwise Shs.500 for each extra withdrawal. 2) PRIDE Smart - Shs.500 per withdrawal and Shs.400 for account balance below Ugx 50,000 3) PRIDE rising stars - One free withdrawal per month, otherwise Shs.1,000 for each extra withdrawal 4) Save for a Target (SFT) - Shs.500 per withdrawal at contract termination 5) Save as You Earn (SAYE) - Shs.500 per withdrawal at contract end from the client’s primary account” N/A N/A Free Shs.3,000 Shs.3,000 N/A Shs.10,000

Free, issued monthly. N/A Shs.1,000 per page. “Institutional savings accounts & Junior savings account-1 free withdrawal per month thereafter Shs.500 per witdrawal Target savers, group savings, Ordinary savings, Fixed deposit accounts-Nil “

Free Nil Nil Nil

Nil N/A Nil Shs.2,000 Shs.2,000 Shs.2,000 for 25 leaflets and Shs.4,000 for 50 leaflets. Nil

N/A N/A Nil Shs.10,000 Shs.11,000 N/A

N/A Shs.5,000 Shs.4,000 for Kampala Branches Shs.6,000 Shs.18,800 Shs.18,800 Shs.18,800 Shs.18,800 Shs.15,000 “Outgoing-Shs.5,000 Incoming-NA” N/A N/A N/A N/A Shs.2,000 Shs.2,000 N/A N/A “a) Account balance - Shs.200, b) Mini statement - Shs.200, c) Money transfer from Pride Account to Pride account - Shs.300 d) Airtime purchase - Shs.300 e) Pay Utilities - Shs.300 f) Bank to wallet transactions: a)Shs.0-250,000 - Shs.500 b)Shs.250,001-Shs.500,000 - Shs.700 c)Shs.500,001-1,000,000 - Shs.1,000. g) Transactional SMS: a) 0-5 SMS - Shs.500 b) 6 - 10 SMS - Shs.1,000 c) 11-15 SMS - Shs.1,500 d) 16-20 SMS - Shs.2,000 e) unlimited-Shs.15,000”

N/A Shs.3,000 Shs.1,000 Shs.2,000 Shs.25,000 Shs.25,000 Shs.25,000 Shs.25,000 Shs.22,000 “Incoming -Shs.5,000 Outgoing-Shs.5,000” Shs.10,000 Shs.5,000 Shs.10,000 Shs.5,000 Shs.2,000 Shs.1,000 N/A Shs.5,000 (annual) “ Transaction amt. Fees Shs.500-Shs.500,000 - Shs.600 Shs.500,001-Shs.2,000,000 - Shs.700 Shs.2,000,001-Shs.4,000,000 - Shs.900”

Shs.11,000 Free N/A N/A N/A N/A N/A N/A N/A N/A

LOAN RELATED CHARGES Loan application fees - 3% of loan amount. N/A

Shs.5,000 for group loans and Shs.10,000 for individual loans 2%

N/A N/A

N/A N/A

Nil Nil

maximum - 2.5% of the loan amount. N/A

N/A N/A 1% of loan amount

Nil N/A 0.65%(inclusive of 18% VAT)

N/A N/A 0.5% of the loan amount

“Community banking loan: a) Shs.10m - 22% p.a. (1.83% p.m.) Group Loans: a) Shs.10m - 21.5%p.a. (1.79% p.m.) Business Loans: a) ≤Shs.10m - 27% pa (2.25% pm) b) >Shs.10m - Shs.50m-22%pa (1.83%pm) c) >Shs.50m - 21%pa (1.75% pm) Pride housing Loans: a) ≤ Shs.10m - 27% p.a.(2.25% p.m.) b) >10m - Shs.30m - 22% p.a. (1.83% p.m.) School fees loans: a) ≤ Shs.3m - 27% pa (2.25%pm) Mortgage & Asset Financing Loan: a) ≤ Shs.10m - 27%pa (2.25%pm) b) >Shs.10m - Shs.50m - 22%pa (1.83% pm) c)>Shs.50m - 21%pa (1.75%pm) Agricultural loans: a) ≤Shs.10m - 24% p.a. (2% p.m.) b) >Shs.10m - Shs.50m - 22% p.a. (1.83% p.m.) c) >Shs.50m - 21%pa (1.75%pm) Clean energy: ≤Shs.30m - 21% p.a. (1.75% p.m.) “a) Caveat fees: 1% of loan being stamp duty - Shs,50,000 for caveat registration - Shs.10,000 for stamp duty on the caveat letter b) Mortgage: - 0.5% of loan amount for stamp duty. - Shs.17,200 for mortgage registration - Shs.20,000 stamp duty for 2 extra copies of legal mortgage - Shs.10,000 being stamp duty for loan agreement - Shs.100,000 being stamp duty for appraisements and or evaluation reports c) Land Search - Shs.12,200 per letter being search fees. d) M/Vehicle search: Shs.62,500 per log book being search fees e) Debenture: 0.5% of the loan amount being stamp duty, Shs.20,000 stamp duty for 2 extra copies of debenture deed, Shs.52,200 being payment for the debenture certificate” In accordance with Stamps Act and its amendments. N/A N/A N/A “Financial Card Issue: For all loan amounts- Shs.35,000 Credit Bureau Inquiry: a) ≤Shs.250,000 - Shs.7,500 b) Shs.250,001 to Shs.1,000,000 - Shs.10,000 “

25%-30% per annum

36%-54% Reducing balance (1.95%-3.18% per month)

SAVINGS ACCOUNTS

N/A

Other loan related charges

a) Mortgage fees - Shs.250,000 + 0.5% of loan amount b) Search fees: Motor vehicles - Shs.54,000, Land titles - Shs.80,000

Stamp duty Cooling off fee Late payment penalty Penalty fees for early repayment Credit Reference Bureau Charges

a) Loans below Shs.3.0m - Nil b) Loans above Shs.3.0m - Shs.10,000 N/A “0.05% per day on the installment amount 2% of outstanding balance for early repayment “Financial card: a) Borrowers of any amount - Shs.30,000 b) Corporates - Shs.60,000 c) Replacement of card - Shs.30,000 Enquiry fees: a) Loans upto Shs.250,000 - Shs.5,500 b) above Shs.250,000 - Shs.10,000”

ATM Card 1st issue fee Issue of ATM Card Uncollected Cards Destroyed Replacement ATM Card (faulty) Replacement ATM Card(Lost) ATM Withdrawals ATM Deposits ATM mini statement ATM Balance inquiry ATM PIN reset Account Management fee Funds transfer

N/A Shs.5,000 N/A Shs.5,000 Shs.5,000 Shs.900+ 10% excise duty N/A N/A N/A N/A N/A N/A

Shs.7,000 N/A N/A Shs.10,000 Shs.10,000 Shs.500 Free Shs.300 Shs.200 Shs.3,000 As per details on savings account N/A

Savings Deposit

“a) FINCA Target - 4% b) Corporate Account - 3% c) Smart start &Junior Accounts - 1% d) FINCA Easy & Group Savings Accounts - 3%”

Fixed Deposit

Minimum of 8%, Maximum - negotiable.

“PRIDE Akiba: 1) Shs.50,000 to 149,999 - 1.5% p.a 2) Shs.150,000 to 499,999 - 2% p.a 3) >Shs.500,000 - 3% p.a PRIDE Smart: More than Shs.150,000 - 2% p.a PRIDE Rising Stars: 1) Shs.50,000 to 149,999 - 1.5%p.a 2)Shs.150,000 to 499,999 - 2% p.a 3) >Shs.500,000 - 3%p.a SAVE AS YOU EARN: More than Shs.50,000 - 8% p.a Save for Target (SFT): Minimum target amount of more than Shs.50,000 - 5% p.a” “a) Benchmarked against TB rate and depending on amount & period of fixing. As at September 30, 2016, lowest rate was 3% and highest rate was 13% b) FDs in MECs - 4% regardless of amount “

ATM TRANSACTIONS

INTEREST ON ACCOUNT DEPOSITS

Shs.11,000

N/A N/A N/A N/A N/A Nil N/A N/A N/A

“a) Caveat fees on pledged car log books-Shs.112,000 + 1% of loan amount “Legal fees- a) ≤Shs.15m: 3.5%, b) Mortgage reistration fees-Shs.265,00+ 0.5% of loan amount b) Shs.15m - Shs.30m: 2.5%, c) Stamp duty-Shs.10,000 for loans above Shs.3m” c) Shs.30m to Shs.90m: 1.5% Registration fees - 1% of loan amount plus caveat fees of Shs.236,000 for m/vehicles and Shs.472,000 for Land valuations”

Shs.10,000 for loans above Shs.3m 5% of loan amount 1% of amount in arrears per week N/A “a) Financial card processing - Shs.23,500 b) CRB inquiry for loans below Shs.250,000 - 5,000 c) CRB inquiry for loans above Shs. 250,000 and non clients - Shs.11,000. “

In accordance with Stamps Act and its amendments. N/A 1% of the loan installment times number of days in arrears N/A a) Financial card Issue - Shs.30,00 0 b) Financial card replacement - Shs.30,000 c) Credit Reference Report - Shs.15,000

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A “Junior and Group savings account - 5%pa Ordinary savings account - 3.5%pa Target savers account - 8% pa

0% - 8% p.a subject to change on a monthly basis as per T-Bill movement

Negotiable but ranging from 6% to 20%

“a) 8% - 15.3% p.a. subject to change on a monthly basis as per T-Bill movement b) 50% off earned interest as penalty on early withdrawals”