I& M Bank Uganda has launched Musaala Boost, a short- term loan facility designed for customers who receive their salary through the bank.
The Musaala Boost campaign will enable salaried customers to borrow funds ranging from shs 250,000 to shs2 million, with repayment scheduled when they receive their next salary.
To qualify, one must earn a net monthly income of shs 500,000 or more.
According to I&M Bank CEO- Robin Bairstow, Musaala Boost is part of their commitment to providing inclusive financial solutions that meet the needs of salaried customers, regardless of how much they earn.
“As a customer-centric bank, we believe that salaried customers across various income levels deserve access to convenient financial support. Musaala Boost is our way of bringing that belief to life. We are offering flexibility and ease, to both new entrants to the workforce and seasoned professionals alike,” Bairstow said.
The initiative is designed to ease financial pressure and provide salaried customers with the support they need to achieve their financial goals this year.
Annette Nakiyaga, the Head of Marketing and Corporate Communications at I& M Bank, noted that with this product, salaried customers shall be assured of staying liquid, and be able to cater for the various financial obligations that may come their way.
“This product is designed to provide quick and easy access to funds for short-term needs, helping our salaried customers manage immediate expenses, while also giving them the flexibility to handle other financial responsibilities, without added stress,” she noted.
With an interest rate of 2 percent per month, officials said Musaala Boost ensures that salaried customers can access funds without the burden of high charges.