Challenger Uganda Limited has hailed I&M Bank for providing the financial lifeline that enabled the company to strengthen its footing in the country’s competitive construction industry.
Founded in 2002 with just UGX 200,000 borrowed from a friend, Challenger Uganda has steadily grown into one of the sector’s leading players. The company now counts multinational oil firms, telecom operators, humanitarian agencies, and major retailers among its clients, including Total Energies, Rubis Energy, Vivo Energy, MTN, UNHCR, and Majid Al Futtaim Hypermarkets.
According to company officials, this growth would have been difficult to achieve without the timely intervention of I&M Bank. The lender extended financial support of more than UGX 700 million without demanding collateral, an uncommon practice in Uganda’s banking sector, where security is often a precondition for accessing credit.
“We needed a partner that could understand the nature of construction where huge sums are required upfront for materials, labour, and meeting strict project timelines,” Challenger representatives noted. “I&M Bank filled that gap with flexible facilities that allowed us to mobilise quickly and avoid delays.”
Beyond the unsecured loan, the company also benefits from contract financing and Local Purchase Order (LPO) facilities. These arrangements allow Challenger to meet immediate obligations whenever a new contract is awarded, ensuring smooth operations while payments from clients are still pending.
The construction firm emphasized that financial discipline has been key to maximising this partnership. By keeping a clear separation between personal and business finances and applying funds strictly to operational needs, Challenger has been able to grow steadily without setbacks.
With I&M Bank’s support, Challenger Uganda has cemented its reputation as a reliable contractor capable of handling large-scale projects. The firm’s story highlights how tailor-made financial solutions can help homegrown enterprises thrive in demanding industries.