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Uganda : I&M Group injects $7m in unit to shore up lending business

I&M Group is seeking to recapitalise its Ugandan unit by injecting Ush30 billion ($7.89 million) to shore up its lending business and comply with the Bank of Uganda’s new capital requirements.

The lender also looks to expanding its footprint in the Democratic Republic of Congo (DRC), the large market of which lenders across the region are scrambling to serve.

The fresh capital injection, which is to be executed within the next six months, will push I&M Bank Uganda’s core capital to Ush150 billion ($39.47 million) by June 2024 allowing the subsidiary to boost its lending activities, translating to more interest income to the bank and dividends to shareholders.

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