Banks plan to unlock mineral wealth for $500b economy

One of the key lessons from the 15th Annual Mineral Wealth Conference 2026 organised by the Uganda Chamber of Energy and Minerals, in collaboration with the Ministry of Energy and Mineral Development, was the banking sector’s willingness to finance capital-intensive mining operations.

Experts say this signals a growing readiness by the banking industry to support both big and small enterprises in undertaking projects across the mining value chain.
The government expects banking industry players to contribute to the tenfold growth strategy by shifting from traditional collateral-based lending toward strategic financial intermediation, patient capital deployment, and capital market deepening.

The tenfold growth strategy is a national economic blueprint designed to expand the country’s Gross Domestic Product (GDP) from approximately $50b (Shs200.4 trillion) to $500b by 2040.
Already, Pearl Bank is partnering with miner cooperatives and using mobile wallet platforms, such as Wendi, to contribute towards the growth and development of minerals. This is done through extending basic banking, savings, and investments to miners who traditionally lacked formal paperwork.

Financial literacy
Alongside other industry players, they also provide financial literacy training to help miners transition into structured, bankable operations under the Mining and Minerals Act 2022. Commercial banks are specifically offering asset and equipment financing to help operators upgrade from basic manual tools like sticks and basins to modern machinery such as mini-excavators.

“There is another resource we must pay equal attention to: the estimated 500,000 Ugandan artisanal and small-scale miners extracting minerals, creating livelihoods and contributing to the broader economy,” Mr Yunus Mugula, Pearl Bank’s chief treasury and markets officer, said.

“The challenge is how we support them in formalising into licensed and bankable enterprises connected to formal markets. That transition is very critical to unlocking immense value in the sector and contributing to socio-economic transformation,” he added.
With such support, Mr Humphrey Asiimwe, the chief executive officer of the Uganda Chamber of Energy and Minerals (UCEM), believes that the target to grow the mining sector to at least 10 percent is within reach.
“Right now, the returns accruing from minerals can be described as potentially promising. With mining contributing 2.2 percent to Uganda’s GDP,” he said.

Currently, Uganda’s biggest export is gold, bringing in excess of $7.8b (Shs31.2 trillion) per year, which, according to Mr Asiimwe, demonstrates the massive potential of the mining sector. “Our copper, cobalt, tin, iron ore, gold, rare earths, and lithium, among others, are in high demand globally.”

Mr Sidronius Okaasai Opolot, the State minister for Energy, says the government will continue to prioritise the growth of the mineral sector. He encouraged key players to invest in the different stages from mining to value addition.