Metropol introduces new reference for borrowers and Banks

By Moses Kidandi

Metropol introduces new reference for borrowers and Banks/Financial institutions.

Metropol Credit reference Bureau has launched a new products delivery platform,the first of its kind in Uganda that will enable borrowers have control of their credit information by having direct access to Bureau products conveniently at their disposal via their mobile phones.

Sam Omukoko-Managing Director Metropol says with the use of Metropol Crystobol, borrowers will no longer have to save for 6 months to be able to get a loan because the bureau will already have your financial and Credit profile.

He adds that by the public using the facility,they will also have instant access to their credit profile before seeking a loan from the Bank or financial Institution.

Metropol Crystobol will help users have easy access to finances,employment and markets as it will have detailed account of one’s lifetime borrowing with all current credit providers and their performance in terms of repayment.

Sam Omukoko says the information on the Metropol Cystobol platform will also enable lenders determine loan approvals to customers.The Official launch will be in November this year.

Drop these habits or you die broke

You were born poor, but if you die poor you have yourself to blame. Before you finish reading this article, at least 8 out of 10 people will have done something that contributes to their future poverty. Only 2 out of 10 will have done what is required to remain prosperous in the future. The question you need to ask yourself today is, “I’m I among the lucky 2 or the not-so-lucky 8?”
Here are 6 habits that could easily draw your route-map to a life of perpetual poverty.

1.You focus on linear income instead of passive income

Most people focus on linear income in the name of salary, allowances and one-off payments. Wise men on the other hand focus on passive income in the name of royalties, interest rates, value addition and profit.
Relying on linear income is similar to using buckets to fetch water from the river. With time, you’ll get too old and too tired to transport them to and fro and that means you’ll have to starve for as long as you don’t go to the river.
bucketsRelying on passive income on the other hand is similar to building a pipeline. It may require a lot of work at the beginning but with time, you’ll no longer have to go to the river to get water – the river will come to you and you’ll not starve.
This is the most fundamental principal of wealth creation that most (including you) are oblivious about.

2.You’re still waiting to start your journey of success

Everyone wants to succeed but very few people are willing to step into the cold waters. Do you see the problem here? In the history of the world, no marathon race has ever been won (or even finished) by someone who never left the starting line.
As you’re stuck saying that you have no enough capital to start, someone else is busy making good use of whatever little they have.
As you’re busy lamenting that there are no business ideas, someone else is busy sharpening his innovation claws.
When you’re busy complaining about a problem in your society, someone else is busy thinking how to start a business that solves that problem.
Continue waiting at the starting line and poverty will soon find you there to keep you company.

3.When you earn more you spend more
Consistently raising your expenditure is a good way to accumulate debt and to remain stuck in the echelons of poverty. To stay out of bad debt, you will either need to find a way to earn more or spend less. The first and best option is to find ways to earn more and keep your expenditure constant.
As you know this can only be done by creating multiple streams of income and lot’s of thinking is necessary in that case.
The second option is to simply cut on unnecessary expenses. The money that is saved from these budget cuts could be used for embarking on future investment programs.

4.You complain instead of committing

“Life is too expensive”; “It’s hopeless; I’ll never get out of debt”; “I don’t earn enough money.” Have you ever uttered any of these statements before, or perhaps all of them? Old habits die hard; however, as long as you do nothing to change; then you and your coming generation have a direct ticket to the land of poverty.
Stop complaining and making lame excuses. Instead, take responsibility for your non-productive habits and focus on changing them – then do it!

5.You live for today, hoping tomorrow will care about its worries

In the 1950s a scientist from Harvard University studied the reasons for upward socio-economic mobility. He wanted to know how comes some generations get wealthier while others get poorer. All his research brought him to a single factor that he concluded was more accurate than any other thing in predicting success – he called it “The Time Pespective”.
Time perspective is basically how far you project into the future when you make a decision today. An example of a long-term perspective is when a wise family man buys land or insurance for their child, even though he or she will not need it for the next eighteen years. This is a long-term approach that involves sacrificing in the short term to assure better outcomes in the long-term.
Most people remain poor because their “time perspective” is focused on short-term goals such as meeting basic lifestyle needs, buying luxury items, paying rent etc…are you one of them?

6.You just don’t get it!

The problem is that you keep learning but you don’t get it. You’re educated but you’ve never internalized what your teachers told you. You have knowledge but you don’t want to think too hard how to use it. You’re still stuck at the starting line all along because you don’t want to start small and grow bit by bit from there. You’re still stuck in the lottery mentality hoping that one day you’ll wake up and voila! discover “the newest, incredibly easiest way to get wealth.”

Final Word

Most people remain poor, not because they don’t have the knowledge. Not because they don’t read Kuza Biashara and other business-related articles. But because they don’t LEARN BY DOING. They just don’t get it!
Being wealthy and prosperous requires more than just physical ownership. It is a state of happiness, well-being while wishing the same for others. So while you are working to escape from poverty, remember to be happy along the way!




Kivejinja scoops EAC council of ministers chairman seat

Uganda has officially taken over from the United Republic of Tanzania as the new Chairperson of East African Community-EAC.

The tenure of office of the Chairperson of the EAC is one year and it is held on rotational basis among the Partner States in line with Article 12 of the Treaty for the Establishment of the EAC.

The new Chairman of the EAC Council of Ministers, AL Hajji Ali Kirunda Kivejinja said Uganda will utilize the tenure to ensure that East African citizens see, touch and feel the tangible benefits of the regional integration.

Kivejinja said that since the operationalization of the Customs Union and Common Market protocols, Partner States have not fully allowed the citizens to enjoy the anticipated benefits. He urged that Partner States must enhance the visibility of the tangible benefits of the integration by implementing fully the Customs Union and Common Market protocols.

“At this critical period, the Council’s contribution towards the regional integration process therefore cannot be overemphasized,” Kivejinja told the 35th Meeting of EAC Council of Ministers which concluded on Tuesday at the EAC headquarters in Arusha, Tanzania.

“Our people are still experiencing non-tariff barriers, harmonization of national laws to conform to the Protocols are still far, and popular participation in the integration process is still generally low in all the Partner States,” said the Minister.

Kivejinja also reminded members of the Council on the Summit directive to the Council to present a report on Alternative Financing Mechanism including the option of 1 percent of Imports from outside the Community in line with the Principle of Financial Solidarity and Equity.

He urged the Ministers of Finance to finalize the proposal as soon as possible so that the Summit can be guided to this outstanding matter.

The outgoing Chair, Amb. Augustine Mahiga Tanzania’s Minister for Foreign Affairs, East Africa, Regional and International Cooperation, called upon the Organs and Institutions of the Community to refocus and re-engineer how to move forward the integration agenda.

“I urge them to refrain themselves from unnecessary expenditures which amount equally to wastage of taxpayers money,” Mahiga said adding that there are inbuilt challenges in any regional integration schemes which need to be addressed as long as they are known.

“Generally what I can say during our tenure we came across plains, hills and valleys but all is well.”

EAC Secretary General, Amb. Liberat Mfumukeko expressed confidence that Uganda would steer the Council and the Community to greater height.