A wide literature (I have in mind for example a very recent piece of empirical research by Langfield and Pagano, 2015), shows that economic growth tends to be lower in economies with a bank-based financial structure, particularly at times of falling asset prices, and systemic risk to be higher. A “bank bias”, as L&P dub it, is bad, in any circumstance.
Therefore, Uganda’s socio-economic indicators, characterise Uganda as a country that has undergone tremendous change over last quarter century. More importantly, the process has resulted in the dramatic fall in poverty and improved the living conditions of the Ugandan people.