Increased amount of loan given to Youth under the centenary loan

06:19 Mar 23 2016 Kampala, Uganda

In 2012, KCCA set up a loan scheme for the youth in Centenary Bank. The purpose of the loan scheme was to help youth living and working in Kampala boost their business to be able to employ others in a way of reducing youth unemployment.
This loan was given to individuals and companies at 10% per annum. Individuals could get from a minimum of 100,000/= to a maximum of 2,000,000/= while companies were given from a minimum of 500,000/= to a maximum of 10,000,000/=.
As time progressed, the youth started complaining that the money was little and could not make a big impact to a business in Kampala since its expensive operating business in Kampala. Therefore the youth requested to increase the loan to at least 4,000,000/= but they had no voice.
So as CVA team in 2015, we came in and held different dialogue meetings with KCCA and Centenary Bank Officials and in April 2015, KCCA changed some of the guidelines and most importantly one being; raising the loan amount for individual borrowers from a maximum of 2,000,000/= to 5,000,000/= and still at 10% per annum. This according to us was a great achievement.
As written by Rita Kisakye and Chrispin Kitehimbwa
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