Church of Uganda finally pays off Shs60bn Church House loan

Equity Bank officials show off plaque and a symbolic cheque they received to mark the completion of the credit repayment by Church Of Uganda

Kampala, (UG):- The Archbishop of Uganda, Rt Rev Dr Stephen Kaziimba Mugalu has revealed that the Church of Uganda has finally settled the Shs60 billion loan it took from Equity Bank for the construction of the magnificent Janani Luwum Church House in Kampala.

The Church of Uganda (CoU) was on the verge of losing the 16-storey commercial building on Plot 34, Kampala Road, to Equity Bank over failure to fully pay off the debt, which was acquired nearly 14 years ago until Kaziimba delivered the good news on Monday, June 3rd.

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“I want to announce here that the Church House is now fully owned by the Church of Uganda. Thank you Equity Bank for supporting us, ” Archbishop Kaziimba said in his speech during the Uganda Martyrs celebrations in Namugongo on the afternoon.

Equity Bank supported the Church of Uganda by providing a mortgage covering 70 per cent of the construction costs for Janani Luwum Church House, with the Church contributing the remaining 30 per cent. The Church borrowed USD 17 million from Equity Bank for the project, which became fully operational in 2015.

Archbishop Kaziimba presented a symbolic cheque to mark the completion of the credit repayment advanced by the bank for the construction and praised the strong relationship with Equity Bank. He encouraged Christians to embrace the bank’s products.

The Janani Luwum Church House project, originally planned in 1966, was only realized through the partnership with Equity Bank in 2015, contributing to the Church’s mission and clergy pensions.

Equity Bank ready to support all churches

At the Martyr’s Day Celebrations, Equity Bank pledged to continue its strong collaboration with the Church of Uganda and other religious groups for mutual benefit.

Equity Bank Executive Director Elizabeth Mwerinde Kasedde expressed gratitude for the Church’s support and affirmed the bank’s commitment to working with the Church at all levels.

“This was a dream that the church had cherished for close to 50 years. I am glad that Equity Bank took the bold step to support the church realize this dream,” said Mwerinde.

Mwerinde invited other dioceses to adopt Equity Bank’s development model to improve their followers’ livelihoods. She emphasized the bank’s mission to empower communities economically and socially through financial services, helping individual Christians achieve their personal dreams.

“If we can realize a dream of $17 million (UGX65 billion) together, why can’t we help our followers and our members in our parishes also realize their dreams? Equity bank is here to help the church give dignity to its followers through extending financial services that economically and socially empower communities,” explained Mwerinde.

Last month, Equity Bank also donated UGX 30 million for the Martyrs Day celebrations and sponsored the inaugural national Uganda Martyrs Choir competition.

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