PostBank Uganda’s agriculture loan book has registered commendable growth of 70% over a four-year period, from UGX 107 billion in 2021 to a 70% growth rate by June 2024. This impressive performance can be attributed to several factors, including; favorable lending rates, government support, and other contributing elements. The Supervisor Agriculture and Partnerships at PostBank Uganda, Julius Akais attributed the impressive performance to several factors including, targeted financial products and value chains such as coffee, poultry, cattle keeping, grain trade (maize), and well-structured Agriculture loans that match the business or project cycle. He also noted other factors such as financial…
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The Central Bank of Uganda (BOU) has indicated that the quoted lending rates for commercial banks rose in the three months to April, averaging 20.8 percent, just 20 basis points (0.2 percent) above the reading in the three months to January 2024. The details contained in the new BOU State of the Economy report shows that the weighted average shillings and foreign currency lending rates rose reflecting the increase of the Central Bank Rate (CBR) and the associated tight liquidity and financial conditions. The weighted average shilling lending rate reversed the downward trend observed since last year, rising to 17.7…
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The report notes that the “decrease in loan applications is an indication of the lingering effects of the global tight monetary policy implemented since June 2022 that has led elevated lending rates.”
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Kenyan fintech powerhouse, Lipa Later Group, has successfully raised $5 million in a private debt issuance, marking a significant milestone in its financial journey. However, the company’s ambitious expansion plans require an additional $20 million, which it aims to raise through a combination of equity and debt. Lipa Later is also in the midst of a crowdfunding campaign, seeking to raise $1.2 million in exchange for equity at a valuation of $30 million. This campaign is hosted on the crowdfunding platform, Republic. Founded in 2018 by Eric Muli and Michael Maina, Lipa Later has made a name for itself in…
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Asaak, a trailblazing fintech firm from Uganda, has reached a significant milestone with its acquisition of FlexClub Mexico, extending its operations across two continents. Details of the transaction were not revealed but the acquisition was confirmed by both parties. This strategic move signifies Asaak’s entry into the Latin American market and underscores its dedication to revolutionizing financial solutions for mobility workers globally. Having achieved profitability in Uganda, Asaak’s acquisition of FlexClub Mexico represents a strategic long-term investment, marking a significant stride in promoting affordable financing across emerging markets. This deal enables Asaak to expand its innovative credit ecosystem, joining forces…
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