KCB Uganda and UNABCEC Sign Financial Support MOU for Association Members
Kenya Commercial Bank (KCB) and Uganda National Association Of Building And Civil Engineering Contractors (UNABCEC) announced a financing support Memorandum of Understanding (MOU) for the association’s members.
The announcement followed the official signing of the MOU by the Managing Director, KCB Uganda and UNABCEC at KCB Head offices at Commercial plaza in Kampala on 25th August 2021.
Speaking during the ceremony, Edgar Byamah, KCB Managing Director said that it is noteworthy that businesses and organizations thrive and grow organically through partnership and collaboratively working together to meet required business goals and objectives.
He commented that, “This development is a major milestone for our customers in this financial inclusion process as well as growth and expansion of the construction sector, a further demonstration of our commitment to provide appropriate financial solutions to customers through the provisions of seamless access to credit for UNABCEC members.”
The financial sector contribution to this growth can further be seen through an Economic Overview – 2019 report published by Grant Thornton on the 2020 Economic Outlook that indicated that Private Sector Lending was greatest to the Trade, Building, Mortgage, and Construction and Real Estate sectors with both sectors taking up 40% of total private sector credit.
“This position further goes to illustrate the role partners like KCB Uganda need to play to further contribute to the Ugandan economy by enabling Ugandan businesses to thrive and acquire the required financial muscle to take on huge construction projects without having to worry about how to facilitate these projects,” Byamah added.
In his remarks, the UNABCEC Board Director and Chairperson of the Publicity and Membership Committee, Eng. Ronald Mugabi expressed the association’s appreciation to KCB Uganda, highlighting the crucial part financial institutions play in the constructions industry.
“The construction industry is highly capital intensive and requires quick access and flexible terms for financing projects,” noted Eng. Ronald Mugabi citing that “Prohibitive terms and conditions by financial institutions were a huge barrier to their business and efficiency, especially for large projects.”
“As UNABCEC, we believe that this MOU will go a long way in ensuring that our members are catered for and remain competitive against the multinational players that have backing from their home countries,” he remarked.
This partnership is one of the many under the “UNABCEC Member Discount Program” - a program which aims at connecting UNABCEC members to high quality, affordable products and services that go a long way to support their businesses at exclusive value added discounts.
About Kenya Commercial Bank Uganda (KCB):
KCB Bank Uganda, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. The Bank has 13 branches spread across the country,14 ATMs, 522 Bank Agents and 100 Merchant outlets. Its mission is “To drive efficiency whilst growing market share in order to be the preferred financial solutions provider in Africa with global reach.”
Uganda National Association of Building and Civil Engineering Contractors (UNABCEC) is a 28-year-old non-profit, member-driven, national trade association representing genuine contractors, and other companies and organizations engaged in construction in Uganda, We pride in a membership of 356 companies and still growing. Our core purpose is improving performance in the construction contracting sector by championing better regulation and enhancing operational integrity.
For more Information about the partnership, please contact:
- Diana Komukama Ssempebwa
Head of Marketing and Communications
Marketing & Communications Unit
KCB Bank Head Office
Plot 7, Commercial Plaza 7th Floor
P.O. Box 7399 Kampala
Mobile: +256 702 042 579 | Tel: +256 317118200
- Mike Serunkuuma
Uganda National Association of Building & Civil Engineering Contractors (UNABCEC)
Plot M764, Coronation Avenue, UMA Showgrounds, Lugogo
P.O.Box 34046, Kampala, Uganda
Tel: +256 392 795036 Mobile: +256 774 992514