Stanbic bank CEO Patrick Mweheire shakes hands with Buganda Land Board MD Omuk.Kyewalabye-Male after the signing of the agreement.
Buganda Land Board signed an agreement with Stanbic Bank to provide an affordable financing solution to enable bibanja holders to acquire land titles.
The solution dubbed Kyapa Loans is aimed at simplifying land title acquisition by bibanja holders whose land has already been surveyed by the Buganda Land Board but lacked the resources to pay for their land titles.
In his remarks, Buganda Land Board (BLB) Managing Director, Kyewalabye Male said, “We are grateful for this partnership with Stanbic Bank. The Buganda Land Board has the Land Access Financing Initiative (LAFI) that coordinates the process and tenants can approach the LAFI offices to pay the survey and registration fees. After which, the Buganda Land Board helps the tenants to survey and prepare the necessary documentation like the invoice and letter of recommendation which are presented to the bank for loan approval.”
Buganda Land Board MD, Omuk.Kyewalabye-Male(second from left) making his remarks at the launch of Kyapa loan product.
The funds granted by the bank under this scheme primarily enable one to acquire their lease hold title, but can still get more funds as equity release or fund house completion/renovation.
The solution is available to both salaried and self-employed (business) customers, and grants repayment periods of up to 24 months at the best interest rates in the market with the entire loan acquisition process not longer than 48 hours.
While addressing the press at the Stanbic Head offices, Stanbic Bank’s Chief Executive Officer, Patrick Mweheire said, “Our partnership with the Buganda land board is a significant step that will enable Ugandan’s to realise their dreams through asset acquisition. Our preposition will allow tenants on Buganda Kingdom land to get proper leasehold tittles which will allow them to further access additional funding from the bank when used as collateral,” Mr. Mweheire went on to add that, “With a leading customer loan portfolio of UGX 2.2 Trillion, Stanbic has been a key enabler of growth through providing cheaper and affordable sources of credit at the lowest interest rates in the market.” he said.
The product is targeting all bibanja holders who wish to add value to their land by acquiring land tittles issued through the Government of Uganda. The Stanbic Home Loans Manager, Jackson Emanzi affirmed that Ugandans now have an opportunity to acquire land titles using an affordable land financing solution.
He said, “As a bank, we have now gone further down the ecosystem to accord those with residences on Kabaka’s land with the financing to allow them process land titles through our new partnership with Buganda Land Board.” “Under this arrangement, the bibanja holders will approach the Buganda Land Board’s Land Access Financing initiative (Kyapa Mungalo) offices to survey and authenticate their land. After which, they will be issued with a Letter of recommendation to the bank and invoice of total cost which is presented to the bank for financing.” Emanzi added.
The teams from Buganda Land Board and Stanbic bank observing the launch of the Kyapa loan partnership between Buganda Land Board and Stanbic bank.