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Tag Archives: loans

UDB helped create 41,000 jobs despite inflation

Kampala, Uganda | THE INDEPENDENT | The Uganda Development Bank, the country’s national development finance company, made a record level of loan approvals in 2021, with total lending of sh635 billion. The approved loans are the highest since 2011, denoting a 10-year-high, while the loan stock grew more than half …

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Confident Muwema speaks out on Bitature-Vantage saga

NEWS ANALYSIS | THE INDEPENDENT | Fred Muwema, the lawyer for businessman Patrick Bitature says the lenders purportedly seeking to reclaim money lent to the Ugandan, have no claim because they don’t exist. Speaking to Uganda Radio Network in an exclusive interview, Muwema acknowledged that indeed Bitature contracted a loan …

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RETIREMENT: Savers to be able to get housing loans

Kampala, Uganda | THE INDEPENDENT | Members of different retirement schemes will be allowed to use part of their savings as collateral to obtain loans. According to the regulation, members saving in retirement schemes licensed by the Uganda Retirement Benefits Regulatory Authority (URBRA), will be allowed to secure mortgages and …

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Police retirees hunted over unpaid UGX 1.2Bn SACCO loans

Kampala, Uganda | THE INDEPENDENT | The leadership of the Police’s Savings and Credit Cooperative Organization (SACCO) is looking for over 100 retirees with unpaid loans worth 1.2 billion Shillings. The chairman of the Police’s Exodus SACCO Wilson Omoding says a majority of the non-performing loans were taken by police officers …

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MINISTER: Avoid loan sharks, go to Micro Finance Support Center

  Lugazi, Uganda | THE INDEPENDENT | The State Minister for Trade, Industry and Cooperatives Fredrick Ngobi Guma has advised sugarcane transporters in Lugazi Municipality to consider taking loans from Micro Finance Support Center to avoid high rates of interests. The minister made the remarks while meeting haulers who were …

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Uganda’s public debt rises to UGX 73 Trillion

Kampala, Uganda | THE INDEPENDENT | Uganda’s public debt has risen to 73.8 trillion shillings (about 20.8 billion US dollars), according to provisional figures at the Bank of Uganda up to the month of October 2021. By the end of June 2021, the Ministry of Finance, Planning, and Economic Development reported …

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Banks rush to schools, parents with loan offers as schools reopen

Kampala, Uganda | THE INDEPENDENT | Commercial banks, Microfinance institutions and smaller money lenders are swarming schools and other educational institutions in search of new customers for loans to clear tuition and procure educational materials, among others, as the education sector reopens. The competition for new customers by the lenders coincides …

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Demand for credit grows despite increase in interest rates

Kampala, Uganda | THE INDEPENDENT | Commercial banks approved a total of 2.8 trillion Shillings in loan amounts in the three months ending October 2021, which indicates growth from the 2.2 trillion Shillings approved in the quarter that ended July. Similarly, the value of loan applications rose to 4.9 trillion Shillings …

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Parish chief commits suicide over failure to repay loan

Lira, Uganda | THE INDEPEDNENT | Two people in Lira, Kole district have committed suicide over failure to service loans acquired. In Lira, Patrick Oming, the Amokoge Parish Chief in Wiodyek sub county decided to end his life after failing to pay back the money he obtained from Nen Anyim savings …

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