Ecobank Uganda has launched its edusave loan contribution campaign that seeks to ease the school fees burden faced by parents across the country during the ongoing back-to-school season.
According to the bank officials, the campaign is aimed at providing parents and families with affordable, flexible, and convenient loan options to help them finance their children’s educational needs such as school fees, uniforms and books among others.
Existing Ecobank customers qualify for or can top up their current loans to a tune of shs 280 million while non-Ecobank customers can simply transfer their loans to Ecobank and get 1% of the loan amount deducted and credited to their Edusave policy.
“We feel that education is a right, not a privilege. Its importance cannot be overemphasized especially when it comes to shaping the future of our children. With such kind of offerings, we are an inch closer to achieving our mission to make education available to everyone and therefore leave no child behind due to a lack of finances,” said Grace Muliisa, the Ecobank Uganda Managing Director.
According to Muliisa, the unsecured loans under this arrangement are repayable over a period of 60 months and come with a 50% discount on arrangement fees - giving parents access to unprecedented disposable income to cater for other school related expenses.
The campaign that begun on January, 20 will end on March, 31.
“Ecobank was aware of the plight of many families at this point as they seek for finances for their children’s education following the negative impact of the Covid-19 pandemic that led to economic slowdown.”
She noted that access to Edusave contributions would greatly boost access to quality education.