Banks Want to Lend, Businesses Don’t Want to Borrow: BoU Surveys Reveal Uganda’s Growing Credit Disconnect

Two Bank of Uganda surveys for the quarter ended September 2026 reveal a widening gap between lenders and borrowers: banks are competing to grow loan books and expect credit demand to surge, while businesses say borrowing appetite has already fallen sharply and could weaken further by December.Uganda’s credit market is beginning to show an unusual divergence: banks say they are ready to lend, are competing for quality borrowers and expect demand for credit to rise sharply, yet businesses themselves are increasingly reluctant to borrow.