Uganda’s commercial banks are ready to lend more money, but businesses are increasingly reluctant to borrow due to high interest rates and difficult economic conditions, according to the latest Bank of Uganda surveys.
The surveys covering the quarter ended September 2026 reveal a growing gap between banks’ willingness to extend credit and businesses’ demand for loans.
While commercial banks expect demand for credit to increase in the coming months, businesses are becoming more cautious about taking on additional debt, with some indicating that their appetite for borrowing could weaken further by December.
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The findings highlight a major challenge for Uganda’s economy: although banks have money available for lending, high borrowing costs and business risks continue to discourage companies from seeking loans.
