Players within the local financial sector are adjusting their lending rates downwards in some instances by an average spread of nearly 3%, in a move largely aimed at persuading more borrowers.

Currently the financial sector holds a credit portfolio of approximately 12 trillion shillings lent out to the public, a figure the lenders are now keen on growing, according to the Uganda Bankers’ Association.

Curently,Banks like Stanbic Bank, DFCU Bank, Diamond Trust Bank, Tropical Bank have reduced their lending rates by at least 1%.

Stanbic Bank has reduced from 20% to 19.5%

Housing Finance Bank 19.5%

DFCU Bank from 22% to 21%

Diamond Trust Bank from24% to 22.5%

Standard Chartered Bank 21%

Tropical Bank from 23.5% to 22.5%