By Charles Katabalwa,
Kampala
Centenary Bank, Uganda’s largest commercial microfinance bank, has signed a new Loan Portfolio Guarantee agreement with the African Guarantee Fund (AGF) worth $25 million to support Small and Medium-sized Enterprises (SMEs) in Uganda. This partnership aims to empower SMEs, particularly those in the construction industry and environmentally friendly businesses, with affordable finance.
The signing ceremony took place at Mapeera House, Centenary Bank’s Head Office in Kampala, marking a significant increase in the guarantee amount from $10 million to $25 million. This partnership will benefit over 700-1000 women who often lack collateral to access loans from banks.
Mr. Fabian Kasi, Managing Director of Centenary Bank, commended AGF for their continued partnership, stating, “This collaboration will improve the private sector and economy, as SMEs are a key component of our economy, accounting for over 80% of the private sector.”
Michael Jingo, General Manager of Commercial Banking at Centenary Bank, encouraged Ugandans to visit any of the bank’s 80 branches countrywide to access the funds.
This partnership demonstrates Centenary Bank’s commitment to promoting economic growth and development by providing microfinance solutions to SMEs, creating jobs, and contributing to the tax base.
