From right BLB CEO, Omuk. Kyewalabye Male, Board chairman, Owek. Eng. Martin Kasekende, Finance minister Buganda Kingdom, Owek. Waggwa Nsibirwa (represented the Katikiro), Dr. Charles Abuka represented Hon. Emmanuel Mutebire governor Bank of Uganda, and the trade minister, Hon. Amelia Kyambadde at LAFI function, Serena hotel.
The governor of Bank Of Uganda Dr.Tumusiime Mutebile has today embraced the Lease Access Financing Initiative (LAFI).This was expressed through a speech read for him by his representative, The Director of Finance, Bank of Uganda, Dr.Charles Abuka at a breakfast meeting at Kampala Serena Hotel in Victoria Hall this morning.
The Governor applauded BLB for such an innovation adding that more people will benefit from it if the tripartite agreement i.e. the Tenants on Kabaka’s land, financial institutions, and BLB manage it well. He also advised all parties concerned to sensitize and encourage more partners to come on board.
The Lease Access Financing initiative is a BLB product aimed at linking tenants who are constrained to pay fees for land titling to financial institutions who then disburse the funds to Buganda Land Board. Title processing is done and the finished title is handed over to the bank which in turn gives it to the client after full repayment of the loan.
Princess Joan Nassolo made the opening remarks with a call for whoever has a role to play, to do so well in order to achieve positive results. The Managing Director of BLB ltd, Mr. Kyewalabye-Male said that this product will help to reduce fraudulent land transactions and to make search reports to help financial institutions reduce on the monies lost in extending credit services to clients.
Mr.Male added, that on top of improving relationships between clients, BLB and financial institutions, LAFI will also improve people’s livelihood as their security of tenure will be achieved and their plots will be put to sustainable land use with added value.
Buganda Land Board ,through its Land Banking project has also availed to the prospective tenants well planned plots and has collaborated with financial Institutions ,to extend credit service to these clients not only for titling but also to enable the developments of the same plots.
The Minister for Lands, Agriculture and environment in Buganda Kingdom, Hon. Engineer Martin Kasekende said that this is a good move that has eased the process of lease acquisition and instills the spirit of hard work because clients cannot recover their titles from the bank before completing payment for their loans.
Hon. Daudi Migereko, Minister for Lands has promised to continue working with BLB and KCCA to ensure proper planning and land development among others and also improve on title processing. Hon .Amelia Kyambadde, Minister for trade and industry advised ‘bibanja’ holders to optimally utilize this opportunity to improve on their welfare.
The Katikkiro of Buganda was represented by the Buganda Min. Finance and economic development, Hon. Robert Waggwa Nsibirwa. In his remarks, he thanked BLB for being innovative and promised to continue offering the necessary support. He urged all people to secure their tenancy and engage in optimum utilization of land. He also promised continued cooperation with the central government through the Ministry of lands. The Katikkiro added that Buganda Kingdom is ready to work with every one not just the Baganda as long as they respect the Kabaka.
The breakfast meeting was also attended by various Managing Directors and Managers from respective Financial Institutions including Centenary Bank, Opportunity Bank, Housing Finance Bank, Bank of Africa and Finance Trust Bank among others. The CEO of the Vision Group, Robert Kabushenga Prince David.K.Wasajja, some Buganda Kingdom Ministers, BLB Board Members and BLB Staff all embraced the meeting.
Other pictures for the function are here bellow;
Prince David Wasajja and Omutaka Kibondwe a board member at the function
Ciccy Kiyaga (centre) and other BLB officials together with the Centeneray bank official (left) during LAFI function at Serena hotel
BLB officials during LAFI function