Banks approved Shs7.7 trillion in credit relief in 2020

Bank of Uganda instituted a credit relief scheme in April 2020 for customers, whose ability to repay loans had been disrupted by Covid-19. PHOTO |  FILE

What you need to know:

  • According to Bank of Uganda, applications worth Shs200b were not approved to benefit from the credit relief scheme as of December 2020.

Uptake of credit relief as a result of Covid-19 related distress, saw banks sign off at least Shs7.7 trillion for the period ended 2020, according to Bank of Uganda.
However, during the period, the Central Bank noted, at least applications worth Shs200b were not approved, which means they did not qualify to benefit from the credit relief scheme. 

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