• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

“Banks are a good source of start-up and expansion capital but not for long-term sustainable progress” – Businessman Ham advises Ugandans

Stephen Kalema by Stephen Kalema
3 years ago
in Business, CEOs & Entrepreneurs,, News
5 0
Businessman Hamis Kiggundu

Businessman Hamis Kiggundu

ShareTweetSendShare

Uganda’s prominent businessman Hamis Kiggundu alias Ham has advised upcoming Ugandan entrepreneurs not to fear using banks for growth and starting up businesses.

He, however, cautioned them not to ever rely on such loans as a long-term sustainable muscle of their business expansion because banks will always feast on their businesses since they are driven by the profit motive.

“With banks and financiers, it is not about trust or emotions, it is about making business sense. Banks are equally driven by a profit motive just like private companies. If you think your bankers are your friends, then you’re mistaken; those are your business partners. That is why they foreclose immediately as soon as you make a default on your payments. In my opinion, banks are a good source of start-up and expansion capital but never for long-term sustainable progress,” he said in one of the interviews conducted by Billionaires Africa a few months ago.

In the same interview, he advised that one can only reasonably benefit from banks if they hold relatively equal or reasonable bargaining positions to negotiate fair interest rates and fair-trading terms.

Ham continued to reveal that because of the unfair lending interest rates, banks in Uganda and in most African countries appear as if they are fighting business growth.

“In Uganda and most African countries, interest rates stand at as high as 25-30 per cent. There are very narrow chances of small businesses succeeding and enjoying long-term sustainability with these kinds of rates. With time, I have mastered the art of growing my operational capital internally thus outgrowing the need for exploitative financing from banks for now,” he said.

According to Ham, the majority of businesses standing in Uganda are a result of the existence of banks, however also the majority of the collapsed businesses in Uganda are as a result of banks, therefore banks can either create or destroy any business.

Ham also cautioned Ugandan entrepreneurs to always critically reason and analyze their business situations before taking a decision of acquiring a loan from any bank.

“If you don’t need a loan stay away from it, some banks will exploit your business and collapse. What you must know is that these so-called banking investors invest less capital and later the business accumulates a lot of money. Where does that money come from? That is why all the banks through their umbrella Uganda Bankers Association waged a war against me,” he said in one of the interviews.

Meanwhile, the banking sector in Uganda dominates the financial system and accounts for about 70 per cent of the total assets in the financial system.

A stable banking sector plays a crucial role in supporting economic activity, promoting economic growth and ensuring financial stability. While an unstable sector with high rates interest rates may not favour business growth.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share1Tweet1SendShare

Related Posts

RDC George Owanyi engaging the meeting
News

Nakapiripirit RDC George Owanyi teams up with Karamoja Anti-Corruption Coalition to intensify fight against corruption 

30th June 2025 at 09:21
Op-Ed

RICHARD BYAMUKAMA: The Legitimacy of South Sudan’s Government Hangs in the Balance

29th June 2025 at 23:59
News

President Museveni salutes First Lady for her contribution to Uganda as she celebrates 77th birthday 

29th June 2025 at 21:56
Next Post

Tears of joy as woman walks away with brand new motorcycle in Kansai Plascon’s paint and win promotion

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1098 shares
    Share 439 Tweet 275
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2282 shares
    Share 913 Tweet 571
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    38 shares
    Share 15 Tweet 10
  • Pastor Bugingo Seeks Reconciliation with Teddy and Children, Prays for Makula’s Twins

    18 shares
    Share 7 Tweet 5
  • LIST : Gov’t releases Revised Salary Structure for Teachers, Police, and Prisons Staff for FY 2024/2025

    111 shares
    Share 44 Tweet 28
Facebook Twitter

Contact Information

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.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

RDC George Owanyi engaging the meeting

Nakapiripirit RDC George Owanyi teams up with Karamoja Anti-Corruption Coalition to intensify fight against corruption 

30th June 2025 at 09:21

RICHARD BYAMUKAMA: The Legitimacy of South Sudan’s Government Hangs in the Balance

29th June 2025 at 23:59

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
RDC George Owanyi engaging the meeting

Nakapiripirit RDC George Owanyi teams up with Karamoja Anti-Corruption Coalition to intensify fight against corruption 

30th June 2025 at 09:21

RICHARD BYAMUKAMA: The Legitimacy of South Sudan’s Government Hangs in the Balance

29th June 2025 at 23:59

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda