Africa-Press – Uganda. In an industry where many businesses rise and fall within a few years, Challenger Uganda Limited has remained a beacon of resilience and consistency.
With over 20 years of operations, the construction company attributes part of its longevity to a strategic banking partnership with I&M Bank.
Founded in 2002 with a modest capital of just Shs200,000—borrowed from a friend—Challenger Uganda Limited has grown into one of the country’s leading construction firms, boasting a client portfolio that includes Total Energies, Rubis Energy, Vivo Energy, UNHCR, MTN, and Majid Al Futtaim Hypermarkets, among others.
Speaking on the Tukikube ne I&M Bank podcast, Managing Director Peter Arinaitwe Nduhira reflected on the company’s journey and the critical role I&M Bank has played in that trajectory.
“From the beginning, I was looking for a bank that understood my business,” Nduhira said. “When I approached I&M Bank, I told them, ‘Look, construction requires money all the time.’ They understood that. They gave me funding—over Shs700 million—without requiring security. I don’t know how many banks can do that, but I&M did. I’m a satisfied customer.”
Challenger’s growth has been underpinned by consistent access to tailored financial solutions, including contract financing and LPO (Local Purchase Order) facilities, which Nduhira says are processed promptly each time the company secures a new project.
Operating in the capital-intensive and often unpredictable construction sector, Challenger must carefully manage cash flow to keep projects on track. “We always have materials to procure, workers to pay, and deadlines to meet. The ability to access timely financing from I&M Bank allows us to maintain momentum,” Nduhira explained.
He also underscored the importance of financial discipline, especially for entrepreneurs in the construction industry.
“Business money is not your money; it belongs to the company. You have to separate personal needs from business finances,” he noted. “Even with bank support, if you misuse funds, you can easily run into trouble.”
While I&M Bank has been instrumental in easing cash flow pressures, Nduhira believes success also depends on strategic planning, patience, and nurturing relationships with both clients and financial institutions.
“I’ve banked with many institutions, but when it comes to business relationships, I&M ticks all the boxes. Whether it’s paying suppliers, meeting deadlines, or seizing new opportunities, they always come through,” he said.
As Challenger continues to expand its footprint in Uganda’s construction landscape, the company’s story serves as a testament to how financial partnerships, discipline, and vision can help local businesses not just survive—but thrive.
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