Ugandans hoping to live under their own roof and end renting have a new opportunity to do so with 100% financing from Stanbic Bank, courtesy of a new lending campaign dubbed “Oli Sorted” launched today.
The 90-day campaign which targets the back-to-school season also enabled parents to borrow up to UGX 350 million in unsecured personal loans from Stanbic Bank, to support them pay school fees and other attendant expenses.
Speaking to the media this morning, Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank said the campaign is a timely response to address the needs of customers who require financing different aspirations in life.
“We are simply responding to what we hear and see from the feedback of our customers—they are tired of renting, they want to get more money, but they also want longer repayment tenures, so we are responding in the affirmative through this campaign,” said Arinaitwe.
The campaign also covers the needs of business customers—those owning small and medium enterprises and seeking capital to restock or expand, according to Aaron Akampa, the Head of Enterprise Banking at Stanbic Bank.
“Small and medium enterprises are the lifeblood of our economy—they employ millions and support the livelihoods of thousands of Ugandans. And they have been asking us to do more for and with them—they want access to quicker credit, they want to borrow at lower rates and safer options from money lenders—Oli Sorted Campaign is our response, and we invite all small businesses across the country to visit any of our branches to get more information on how we can support them to grow their businesses,” said Akampa.
Both retail and business customers seeking credit in the next 90 days will benefit from the promotion offer of zero arrangement fees which means they get exactly what they apply for, without losing money in form of administrative processing fees often charged by banks.
“First of all, we are increasing the unsecured limit from UGX 250million given under the previous campaign, to UGX 350 million in unsecured loans—we will not charge arrangement fees, and our decision will be given within 48hrs ensuring that no time is wasted,” said Salim Kitagenda, the Head of Products at Stanbic Bank.
Kitagenda said while the Oli Sorted campaign targets Ugandans banking with Stanbic, customers currently working with other banks can be assisted to quickly open accounts with Stanbic and even transfer any loans with other banks and get to benefit from attractive offers.
Schools are sorted
The campaign also targets schools—with parents who pay school fees through Stanbic agents and other channels such as Flexipay standing a chance to win back up to UGX 500, 000 in cash back. Agents who process the most school fees payment transactions will also stand a chance to have their rent by the bank. School administrators can also secure up to UGX 3 billion in operating capital to restock or construct new premises.
Albert Yiga, the Head of Education sector banking said the campaign also comes with a variety of rewards for head teachers, bursars, school directors, parents, and teachers and Stanbic Agents. The Cash-Back campaign has three broad brackets with rewards of insurance cover, school fees and rent refunds for agents. During the campaign, 45 schools will be awarded with insurance policies numbering 90 in total.
“During the campaign, a total of 120 parents or students are potential winners. All they need to do is pay school fees through Stanbic platforms specifically FlexiPay, Schoolpay or through Stanbic Agents to be considered eligible,” said Yiga.
In Category One (the top tier) schools that grow from the previous cycle average monthly collections by average balances of UGX500 million (an equivalent of at least UGX1.8 billion in collections) will win three policies (Head Teacher, School Director, and School Bursar.
In Category 2 (Middle tier) schools that grow from the previous cycle average monthly collections by average balances of UGX375 million (an equivalent of at least UGX1.3 billion in collections) to win two policies.
In Category 3 (lower tier) schools that grow from the previous cycle average monthly collections by average balances of UGX250 million (an equivalent of at least UGX 900 million in collections) to win one policy. Each award is for Medical Insurance cover of up to UGX 18.8 million per person with individual premium of UGX 1.1 million.
Insurance offer
Dogo Singh, the Stanbic Bank Principal Insurance Manager described insurance policies as the gold plugs for every business. He said in this campaign, insurance is critical because we need to protect the things, we love including assets, people and businesses.
He said as parents take children back to school, in partnership with Liberty Life, parents and their children can get a free medical checkup at any of the following branches when they pay school fees with Stanbic Bank.
Bank branches with this service include Kampala Metro branch, Kabalagala, Kyambogo, Mukono, Gulu, Arua and Mbale all running effective 20th May to 30th May 2024.
“Still in the Oli Sorted campaign, the child medical insurance is a unique medical cover for school going children. For as little as 600,000 Uganda shillings annually your child will be covered up to UGX 18.5 million. Your child can access medical services from 390 facilities across Uganda providing peace of mind when your child is at school,” Dogo said.
