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Top 10 banks in Uganda with the lowest loan lending rates 2020

Mubiru Ivan by Mubiru Ivan
5 years ago
in Business, Finance
39 1
Absa Bank Uganda

Absa Bank Uganda

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Bank of Uganda recently named commercial banks that charged borrowers lowest rates in 2020, effectively making them the cheapest lenders for debtors to run to.

In January 2020, the industry average lending rates were at 20.06 percent and it had dropped to 17.2 percent in June. Citibank had the cheapest rate consistently below 15 percent.

Wilbrod Owor, the Uganda Bankers Association executive director said in an online meeting that several issues contributed to the way the banks priced their loans.

These include issues surrounding land where one piece can have more than two titles issued and lengthy court processes as banks try to recover their money. Other factors are the size of the bank, the size of the economy and costs banks incur to stay running.

Owor said the fact that the government also continues to borrow from these banks through treasury bills and bonds. The government is the safest borrower every bank wants to lend to because it can tax and payback.

Here are the commercial banks that have kept their lending rates below industry average in the first six months of the year according to the Bank of Uganda’s monetary policy report for August 2020.

1.Absa bank

2. Bank of Baroda

3.Bank of India

4.Citibank

5.Ecobank

6.NC Bank

7.Stanbic Bank

8.Standard Chartered Bank

9 United Bank of Africa

10. Exim Bank


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

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