Stanbic announces credit lifeline for Ugandans as children return to school
Stanbic Bank has in a new campaign dubbed “Oli Sorted for Shuwa”, Stanbic Bank announced a “credit lifeline” to its consumer and commercial clients who are hard- pressed on cash, depressed by an expensive loan repayment, or worried about school fees for the new school term.
The campaign is open to all Stanbic Bank commercial clients and their employees across the formal and informal sectors, including salary earners in the private and public sectors with a monthly income of shs150,000 and above.
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“Oli Sorted for Shuwa” is designed to ease the cost of accessing and repaying loans by removing administrative fees and extending the repayment period to reduce on monthly instalments," said the bank's head of personal banking, Israel Arinaitwe.
“This is a credit lifeline for especially our youth clients—specifically women who are also single parents, during this time as they grapple for funds to run the household and return children to school,” he said.
Arinaitwe says Stanbic Bank is offering customers the option of consolidating them into one manageable credit facility re-paid over a longer period with smaller monthly portions.
“We have introduced flexible repayment terms, allowing customers to pay their loans in smaller, affordable instalments. For example, a shs10 million loan can be repaid over 24 instalments instead of 12, significantly reducing the financial burden of higher monthly repayments. Furthermore, our campaign supports young professionals aged 25-35 who have just
entered employment. They can access loans of up to shs350 million even while on probation, provided they have a steady income from a reputable company. We encourage everyone to seize this opportunity and achieve their financial goals," said Arinaitwe.
Business and commercial clients
Melisa Nyakwera, the head of Commercial Banking at Stanbic Bank said commercial clients especially those running schools can take advantage of the Flexi-lending which allows schools to access loans of up to shs 500 million within a 48-hour period.
"The Oli Sorted for Shuwa campaign is also designed to support our commercial clients—especially those managing schools; they can access credit to to upgrade their infrastructure, facilities, and build capacity, with loans of up to shs3.7 billion repayable over 10 years," Nyakwera explained.
She emphasized that employees of institutions with existing MOUs can apply for loans at any Stanbic branch or self-service channel.
