Mortgage finance

Ugandan Banks have responded to growing concerns from the diaspora community over the quality of real estate developments financed through mortgages, announcing a raft of reforms to protect buyers and ensure accountability among property developers. In a statement issued by the Uganda Bankers Association (UBA) Chairman, Mr Julius Kakeeto, the financial institutions under the UBA umbrella acknowledged complaints from diaspora clients who have invested in properties, sometimes remotely, only to receive substandard or non-compliant buildings. “We fully appreciate that hard-earned money from diaspora workers or indeed anyone should never go to waste through substandard property developments,” Mr Kakeeto, while delivering…