After browsing through our business owners, you announce your interest in investing by filling in this form. If you do not want to choose a specific business owner, you can leave it up to CML to invest your money where there is a need. You will then receive an email from LWB including a loan agreement for you to review. We at LWB will be happy to answer any questions you may have and to discuss eventual changes in the loan agreement.
When you are satisfied with the agreement, sign it and send a photo or a scan of it back to us. If you wish to have a hard copy, we can also send it to you by post. Note that the agreement from our side is signed by CML. LWB is only administering the loan.
It is now time to transfer the money. You have three alternatives:
Wave is a relatively new service. It is by far the cheapest option, the problem is they currently only operates in UK, US and Canada. For those living in any of these countries, Wave is what we recommend. Visit wave.com for more information.
1) Download Wave from the App Store or Google Play and create an account
2) Select “Send Money” and “Uganda”
3) Enter name "Moses Nsereko” and mobile number "+256 752 850 861”
CML also has a bank account that can receive euros. Detailed information on how to transfer including the amount to transfer in euros will be sent to you together with the loan agreement.
You will be notified as soon as your investment appears on CML’s bank account. Your loan term starts on that date. If you made the transfer in Euros, the exact loan amount will be what you transferred converted to Ugandan shillings.
World remit is slightly more expensive than Wave but on the other hand it works from every country. Very often, World Remit have campaigns that enables you to transfer one time for free. During these campaigns’ World Remit has more or less the same price as Wave.
1) Go to worldremit.com and select your country.
2) Select "Uganda", "Mobile money transfer" and "Airtel and Warid pesa account"
3) Select "receive" and fill in the amount you are investing in UGX.
4) Create an account if you don't already have one
6) Fill in your promo code for free transfer (3free) and go chose if you want to pay directly from your bank account or using a card.
Contact us if you have any questions regarding how to transfer!
You will be notified as soon as your investment appears in CML’s bank account. Your loan term starts on that date.
- Interest rate: The interest rate is 8 % per annum.
- Size of investment: Since some of the costs related to the administration of loans are fixed, very small loans becomes expensive for LWB to handle. Therefore, the minimum loan size is 500 000 Ugandan shillings (around € 130). That is also the smallest loan CML offers to its clients. The maximum investment is € 20 000. You can invest a smaller amount than your business owner requires, the loan will then be disbursed as soon as CML have found additional funding.
- Loan term: You can choose to invest your money for one or two years. If the business owner of your choice repays his/her loan before the end of one year, you can either reinvest in another business owner or have your money back earlier.
- Other costs: You as an investor should cover all fees related to transferring the money to Uganda. LWB will cover all fees when the money is repaid to you except for eventual fees your bank charges for receiving money from abroad.
- Currency: The currency for both disbursement and repayment is Ugandan shillings. If the investment is transferred in any other currency, the exact amount will be determined by the exchange rate at the market when the money reaches Uganda. The exchange rate on the Ugandan market rate is very competitive and the premium charged by the forex bureaus rarely exceeds 0.5%.
- Premature withdrawal of investment: If you for some reason need to terminate your investment before the agreed investment term is over, it is possible to do so only if CML has funds available. This implies that we cannot guarantee an earlier repayment but we will do our best to be flexible and meet our investors’ needs.