Stanbic Bank Uganda has launched the Unbeatable loans campaignaimed at creating awareness about the various financing solutionscurrently available.
The campaign launched on 10th February and will run until 31stMay 2020, showcasing the Banks unbeatable range of products that customers or the general public can access from personal loans, to home loans or instant overdrafts; all at the lowest market rates.
Stanbic Bank Head of Personal Markets, Israel Arinaitwe said, “Providing quick and affordable financing is a key component to growing Uganda’s economy. As the leading bank in the country, Stanbic plays an important role by growing clients’ activities and businesses by providing financial solutions that meet their needs. We offer tailormade solutions at the best rates in the market.”
Mr. Arinaitwe said providing loans to clients is important for the economy, because, individuals and businesses need credit for expansion and also cater for short-term and long-term needs.
“We want to create awareness about the different lending solutions available that are tailored to suit your needs and can be accessed at the lowest interest rate in the market and in real time when you need it.The beginning of the year comes with new expense lines like school fees, starting new businesses and projects, buying land/houses or complete on-going construction. No matter the circumstance, the bank has a matching solution to match the individual customer need in a timely manner.” he said.
He further added, “To better serve our clients, we have improved our processes and introduced technology to provide financing much faster and more efficiently. For example, customer can access the cash advance in real time using their phone via USSD *290#. Customers can also seamlessly top up their unsecured salary loans using our internet banking platform.”
According to the December 2019 Bank of Uganda Monetary Policy report, there was a decline in private sector credit growth in the fourth quarter of 2019 due to the slowdown in economic activity.
The data shows how banks have a crucial role to play in kick-starting economic activity through lending. So the Stanbic lending campaign is geared towards aligning with the country’s objective of driving private sector growth.
According to the BoU report, growth in private sector credit (PSC) slowed slightly in the recent past. The year-on-year growth in PSC averaged 12.6 percent in the three months to October 2019, lower than the 14.3 percent recorded in the three months to July 2019.
The report states, ‘Average annual credit growth to the personal and household loans sector was 7.9 percent in the quarter to October2019 lower than 8.7 percent in the quarter to July 2019. In the same period, average annual credit growth in the Manufacturing sector was 14.4 percent from 21.2 percent, in Trade, 11.9 percent from 14.8 percent and in Building, mortgage, construction and real estate, 12.8 percent from 12.9percent. In the Agriculture sector, annual average credit growth was 23.7 percent higher than18.8 percent mainly supported by Agricultural Credit Facility’.
The Stanbic unbeatable loans campaign will therefore serve to help the public benefit from the lowest interest rate in the market and take advantage of the different products to solve their financial needs.