NAMUGONGO, UGANDA – Equity Bank and the Church of Uganda have marked a significant milestone in their partnership with the successful repayment of a loan advanced for the construction of Janani Luwum Church House.
Namugongo, Uganda – Equity Bank and the Church of Uganda have marked a significant milestone in their partnership with the successful repayment of a loan advanced for the construction of Janani Luwum Church House.
“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,” said Archbishop Dr. Stephen Kaziimba Mugalu, presenting a symbolic cheque to mark the completion of the loan repayment, at the Uganda Martyrs celebrations on Monday June 3.
“We are grateful for the Church’s support and affirm our commitment to continued collaboration,” said Equity Bank Executive Director Elizabeth Mwerinde Kasedde. “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 to realize this dream.”
Mwerinde invited other dioceses to adopt Equity Bank’s development model, emphasizing the bank’s mission to empower communities economically and socially through financial services. “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,” she explained.
CoU recently cleared its 14-year debt for the Church House building, a 16-story commercial property on Kampala Road.
The loan, totaling $17 million, was acquired from Equity Bank in 2010 to finance the construction of the building.
The Church contributed 30% of the construction costs, while Equity Bank provided 70%. However, the Church struggled to repay the loan, prompting Equity Bank to threaten foreclosure on the property.
In 2021, Archbishop Kaziimb launched a nationwide fundraising drive, targeting all 37 Anglican dioceses.
The effort raised substantial funds, reducing the debt from 60 billion Shillings to 15 billion Shillings in 2022. The remaining balance of approximately 16 billion Shillings was cleared this year, marking the end of the 14-year loan journey.
The repayment of the loan is a significant milestone for the Church of Uganda, ensuring the retention of the Church House building as a vital asset for the Church’s mission and operations.
