12 October 2008

Uganda: Stanbic Bank Gives Sh30 Million Loans to Credit Card Holders

Kampala — STANBIC Bank has extended sh30m to 2,000 credit card holders since it launched the product six months ago, Sydney Mpipi, the chief operations officer, said.

"Presently, 40,000 customers qualify for the facility. We are still vetting to get those who qualify for it."

"We shall extend this credit facility to qualifying clients in phases and ensure we cover all of them in the next six months," Mpipi told journalists in Kampala.

Tom Newton-King, the product development manager, said a holder of a silver credit card can withdraw up to sh750,000 per month, while a gold card-holder can withdraw between sh2m-sh8m, above what may be on their bank accounts.

Newton-King said the money is then recovered monthly from either their salaries or other payments deposited on the accounts.

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