South Sudan citizens encouraged to invest loan money
People in South Sudan who are taking out loans from their local bank have been advised to make the best possible use of the money they obtain.People in South Sudan who are taking out loans from their local bank have been advised to make the best possible use of the money they obtain.
According to Louis Lobong Lojore, governor of Eastern Equatoria, citizens of the country should avoid acquiring loan finance solely to pay for expenses such as a wedding, the Sudan Tribune reports.
Instead, he believes the money should be invested in a much more meaningful way, so it can end up reaping rewards for the wider community.
Mr Lojore said this would also enable people to "remain with some after repaying back the bank loan".
He was speaking at the launch of an Equity Bank outlet in Torit, the capital of Eastern Equatoria state.
"Let's use this facility to manage our resources," the governor commented.
Mr Lojore added that this type of investment can "bring development and job creation" if it is effectively utilised.
Equity Bank was founded in 1984 and specialises in areas such as making mortgage finance available to low earners, as well as microfinance and related service.
It opened five branches in South Sudan. The Director of Bank Supervision Central Bank of South Sudan Mr. Daniel Gwagwe believes that Equity is well capitalised to roll out operations in the whole of South Sudan.
"The specialised expertise of International financial institutions like Equity Bank is needed to augment existing efforts in the republic of south Sudan by our government, for this newly born nation to have a stable monetary system capable of supporting economic growth, prosperity and development in all the sectors of the economy", he said in a press release.