Stanbic Bank has launched a new initiative dubbed “Oli Sorted for Shuwa,” aimed at providing financial relief to its consumer and commercial clients struggling with cash flow, expensive loan repayments, or school fees for the upcoming term.
The campaign targets both salary earners in the private and public sectors, including employees in the informal sector earning a minimum monthly income of shs150,000.
Israel Arinaitwe, the head of personal banking at Stanbic Bank, stated that the campaign seeks to reduce the cost of accessing and repaying loans by removing administrative fees and extending repayment periods.
“This is a credit lifeline, especially for our youth clients, specifically single mothers, as they navigate financial challenges to run households and get their children back to school,” Arinaitwe said.
The initiative allows clients to consolidate multiple loans into one manageable facility with smaller monthly instalments over a longer period. Arinaitwe highlighted flexible repayment terms, stating,
“For example, a shs10 million loan can now be repaid over 24 months instead of 12, easing the financial burden on borrowers. Young professionals aged 25-35, even those on probation, can access loans of up to shs350 million, provided they have a steady income from a reputable company.”
For commercial clients, particularly those in the education sector, Stanbic Bank offers fast-tracked Flexi-lending. Melisa Nyakwera, the head of Commercial Banking at Stanbic Bank, emphasized that schools can access up to shs500 million in loans within 48 hours.
Furthermore, loans of up to shs 3.7 billion, repayable over 10 years, are available for infrastructure and capacity upgrades.
Nyakwera added that employees of institutions with existing MOUs can apply for loans through any Stanbic branch or self-service channels.
https://www.ugbulletin.co.ug/stanbic-announces-credit-lifeline-for-cash-strapped-clients/
