Stanbic Bank has signed a partnership with the Ministry of Health which will see the bank offer a range of low interest loans to government health workers across the country.
Anne Juuko, Stanbic Bank’s chief executive officer said the loans range from personal unsecured salary loans to secured loans, mortgages, vehicle and asset financing loans.
She made the remarks at the launch of the partnership event held at the Ministry of Health Headquarters in Kampala.
She explained that health workers (government) will be entitled to open an everyday bank account which attracts no monthly charges.
She however said workers with existing and different accounts in the bank shall have the option to change their accounts to the everyday bank account at no cost.
Juuko said, the lending rate for all government health workers will be the bank’s prime lending minus 0.5% or 15.5% p.a. on reducing balance.
The bank’s prime lending rate is currently at 16%, but can be subject to change in line with prevailing market conditions.
This rate will apply to all health workers wishing to top up their existing loans or new clients/health workers who wish to take new loans or transfer their loans to Stanbic bank.
People who qualify for the loans include employees of the Ministry of Health; employees employed as the government medical/health workers and those employees who have been posted and have reported to a health facility as their duty station.
Given the continuing impact of the Covid-19 pandemic, the bank through a reputable insurance provider, will also provide hospitalisation support for health workers who might be admitted with the disease.
There will be a daily allowance of up to Shs 200,000 per night for a duration 20 nights, however, this specific offer will last until end of December 2021.
In the unfortunate case of death of the health worker, a funeral cash benefit of up to Shs 2 million will be paid to the next of kin to support with the funeral arrangements.
Juuko said, this new proposition is in line with the bank’s commitment to serve Ugandans by supporting individuals who have been most adversely affected by coronavirus pandemic.
The Permanent Secretary for the Ministry of Health Dr Diana Atwine, applauded the bank for coming up with these subsidised financial offers for health workers who, she said, have tirelessly been on the frontline to save lives during the pandemic.