Equity Bank, Church of Uganda celebrate a gratuitous partnership with return of Church House collateral

August 24, 2024 in Companies by Editor

Regional lender Equity and the Church of Uganda celebrated a key milestone on August 20. The lender handed back the land title used to secure a loan for the construction of the 14-story Janani Luwum Church House.

According to the lender, the ceremony, held on the sidelines of the Provincial Assembly at Uganda Christian University, Mukono, and witnessed by all 39 Bishops and over 200 delegates from the Church’s dioceses, was not just a formal handover “but a celebration of a flourishing partnership between the Church and Equity Bank.”

The journey began 14 years ago when the Church of Uganda, seeking to expand its revenue base and increase its capacity to fund various social and religious activities, approached Equity Bank for a loan worth USD 17 million (UGX65 billion). The funds were earmarked for the construction of the 14-story commercial building, which was both ambitious and strategically important for the church’s long-term sustainability.

During the handover ceremony, the Archbishop of the Church of Uganda, the Most Rev. Stephen Kaziimba Mugalu, expressed deep gratitude to the bank for their unwavering support throughout the project’s duration.

“We embarked on this journey with faith, knowing that this partnership would not only enable us to achieve our goals but also empower us to continue our mission of serving our communities. Today, we stand here with immense pride, having fulfilled our financial obligations, and we are grateful to Equity Bank for believing in our vision,” Archbishop Kaziimba said.

He went on to highlight the success of the commercial building, noting that it will generate significant revenue for the church, which will be reinvested into various community and church-led initiatives across Uganda.

Speaking at the event, the Executive Director of Equity Bank Elizabeth Mwerinde Kasedde emphasised the bank’s commitment to supporting development projects that have a positive impact on society.

“Today is a testament to what can be achieved when there is trust and collaboration between institutions. The Church of Uganda has been a reliable partner, and we are honoured to have played a role in this significant achievement. The successful completion and repayment of this loan is a clear indication of the church’s dedication to its mission and its financial stewardship,” Ms Mwerinde remarked.

She also hinted at ongoing and future collaborations, revealing that the bank is currently funding several other church-led projects aimed at improving education, healthcare, and social services in underserved areas.

“The Church of Uganda has always been at the forefront of societal development, and we are proud to continue supporting their initiatives. Our partnership goes beyond just financial transactions; it is about transforming lives and communities and building a future for all Ugandans,” she added.

The relationship between the Church of Uganda and the Equity Bank is a model of a successful partnership between the Church and a financial institution, with both entities working towards common growth and development goals. The handover of the land title marks the completion of just one chapter in a broader narrative of collaboration that continues to thrive.

The 14-story building, now fully owned by the Church of Uganda, stands as a beacon of what can be achieved with vision, faith, and collaboration. It is a symbol of the church’s enduring commitment to self-sufficiency and community service, made possible through a strong and trusting relationship with Equity Bank, said Mwerinde.