NCBA Bank Uganda has partnered with ZG Zargaba Group to expand access to mortgage financing and support the development of modern residential housing in Kampala, targeting both local buyers and Ugandans living in the diaspora.

Speaking at the partnership unveiling in Muyenga, Brian Yata, Head of Retail Banking at NCBA Bank Uganda, said the collaboration is part of the bank’s strategy to grow its mortgage portfolio while responding to rising demand for housing in Uganda’s expanding urban centres.

“This partnership did not begin today. It has grown out of a long relationship and ongoing collaboration between our teams. We have previously worked together on the corporate banking side, and we are now extending that relationship into the mortgage and retail banking space to support more individuals and families who want to invest in property,” Yata said.

He noted that NCBA is keen to work with developers who demonstrate credibility and deliver projects that meet modern housing standards.

According to the bank, analysis of remittance flows shows that property investment is becoming one of the most common uses of funds sent into Uganda by citizens living abroad.

“When we analysed remittance patterns, we realised that nearly 54% of remittances flowing into Uganda are linked to property purchases or other major investments. This trend highlights the growing interest among Ugandans, particularly those in the diaspora, to invest in real estate back home,” he said.

Yata added that partnerships between financial institutions and property developers can help bridge financing gaps in Uganda’s housing market, which continues to experience strong demand.

He noted that NCBA has previously financed similar developments and remains confident that the Zara Garden Residences project will strengthen the bank’s presence in Uganda’s property financing market.

Bank officials also highlighted the growing role of diaspora clients in the country’s property investment sector. Ugandans living abroad, they said, represent a key segment of the bank’s property financing portfolio, with many seeking opportunities to invest back home, particularly in real estate.

“Through this partnership, we will work closely with the developer to ensure diaspora customers have access to the right financing solutions and guidance throughout the property purchase process,” Yata added.

Zara Garden Residences forms part of a broader real estate development strategy by ZG Zargaba Group, an international developer with projects across Eritrea, South Sudan, Uganda and the United Arab Emirates.

The company has previously developed several projects in Kampala, including Zara Villas, Zara Garden Villas and Zara Garden Hotel.

Speaking on behalf of the developer, Meron Zargav said the new project reflects the company’s confidence in Uganda’s growing real estate market.

“We have been working with NCBA for about five or six years and this project would not have been possible without the relationship and trust that we have built together,” Zargav said.

He noted that access to mortgage financing remains one of the biggest barriers for property buyers, particularly first-time homeowners.

“One of the key challenges buyers face is the time it takes to secure mortgage approvals. When the process takes too long, some clients lose interest or abandon the purchase altogether,” he said.

Zargav added that stronger collaboration between banks and developers can help simplify the property purchase process and provide clearer guidance to potential buyers.

The Zara Garden Residences development is located in Bukasa–Muyenga, an area developers say offers strong investment potential due to its proximity to Kampala’s central business district.

The project consists of 108 premium condominium units, including two-bedroom apartments, three-bedroom apartments and penthouse units. Each unit features contemporary layouts with open-plan living spaces and private balconies overlooking Lake Victoria.

The development also includes landscaped gardens, a children’s play area, secure parking, retail outlets and 24-hour security, with professionally managed common areas designed to maintain the long-term value of the property.

The project is targeting a mix of buyers, including young professionals, families and diaspora investors seeking long-term property investments in Uganda.

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About NCBA Bank Uganda

NCBA Bank Uganda Limited is a subsidiary of NCBA Group PLC, East Africa’s third-largest bank with an asset base of UGX 960 Billion and a strong liquidity profile. Formed from NIC and CBA Banks in 2020, NCBA combines extensive corporate and retail banking experience with leading innovations, offering products from mobile banking, asset finance to tailored investment solutions. Focused on relationship management and customer success, NCBA empowers clients to achieve financial goals while supporting regional economic growth.

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Edgar Tusiime

Head, Marketing, Communications & Citizenship

Email: Edgar.Tusiime@ncbagroup.com |Website: https://ug.ncbagroup.com