Platinum Credit Uganda has listed Sh30b worth of medium-term notes on the Uganda Securities Exchange (USE) after receiving bids totaling Sh49.28b, representing a 246% subscription rate that significantly exceeded the lender’s initial fundraising target.
The microfinance lender had sought Sh20b in the first tranche of its Medium-Term Note (MTN) Programme but exercised a greenshoe option of Sh10b to absorb strong investor demand.
Issued on September 30 and admitted to the USE’s fixed-income market segment on October 5, 2026, the notes carry maturities of three, five, and eight years, with fixed annual coupon rates of 16.5%, 17.4%, and 19% respectively, payable quarterly.
The transaction forms part of a broader Sh70b Medium-Term Note Programme approved by the Capital Markets Authority (CMA), which carries an additional Sh30b greenshoe provision that could scale total issuance to Sh100b.
Albert Abaasa, Managing Director of Platinum Credit Uganda, described the oversubscription as a firm endorsement of the institution’s growth strategy.
“We invited bids for Sh20b and investors offered us nearly Sh50b, allowing us to exercise our greenshoe option and raise Sh30b. This is a clear sign of trust in our governance and future trajectory,” Abaasa said.
He explained that the capital raised will expand credit facilities to individuals and micro, small, and medium enterprises (MSMEs), while a portion will retire foreign-currency-denominated debt to mitigate exchange-rate risks.
At the close of 2025, Platinum Credit maintained over 30,000 active clients nationwide, having disbursed more than Sh71b in small business loans. For 2026, the lender targets injecting an additional Sh10b into MSMEs, prioritizing women- and youth-led enterprises as well as smallholder dairy farmers.
Brett Sievwright, Chief Executive Officer of Platcorp Group, highlighted the strategic value of domestic currency matching.
“Ugandan investors have delivered a strong vote of confidence. Raising long-term funding locally in shillings allows the business to lend in the same currency its customers trade in, removing currency mismatch pressures,” Sievwright noted.
Speaking at the bell-ringing ceremony, Capital Markets Authority (CMA) Director of Market Supervision, Denis Kizito, commended the subscription level but reminded the issuer that market performance is judged by long-term compliance.
“Strong demand is encouraging, but subscription levels alone do not determine the long-term success of a debt programme. The issuer must apply proceeds as committed, meet coupon obligations promptly, and maintain continuous material disclosures throughout the lifecycle of these notes,” Kizito cautioned.
USE Chief Executive Officer Paul Bwiso noted that the issuance emphasizes how capital markets offer viable alternatives to traditional commercial bank credit. He urged non-financial corporate entities to leverage the exchange to structure long-term debt aligned with their capital investment cycles.
Data presented at the ceremony indicates that since its inception, the USE has facilitated Sh2.3 trillion in equity issuances and secondary trades, Sh290b in corporate bond raisings, and currently lists government Treasury securities valued at approximately Sh76 trillion.
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