Uganda: Stanbic Bank Launches 'Now-Now Loans' to Boost Businesses Post-Covid-19

Kampala — Stanbic Bank Uganda has today launched the 'Now-Now loans' campaign aimed at offering customers quick and affordable loans to overcome financial challenges in the wake of the Covid-19 pandemic.

All Stanbic's loan products have also been migrated onto digital platforms, making them paperless, easy to access in real time and at customer's convenience. The plan includes enabling those transferring their loans to Stanbic to enjoy zero management fees.

Announcing the new 'Now-Now Loans' package, Grace Muliisa, the Stanbic Bank's Head of Personal and Business Banking said the campaign will offer exciting loan offerings tailored to suit businesses getting back on their feet after the COVID-19 pandemic effects.

"This lending solution comes with unique benefits of a low interest of up to 15.9%, insurance cover, and much more. However, the rates might be subject to changes based on individual loan assessment," Muliisa said.

"We understand that the impact of the novel Covid-19 pandemic still exists. A host of individuals both in the private and public sector, continue to experience financial stress. This coupled with a high cost of living and delayed payments, has depleted their savings reserves" Muliisa explained.

She added, "What this means, is that they are unable to cater for their day-to-day needs, pay for essential services like healthcare, education and grow financially thus unable to live a decent livelihood. As the bank that drives Uganda's growth, Stanbic's focus is to identify key financial obstacles that stand in the way of our customers from attaining an affordable financial service to enhance personal growth."

Muliisa also noted, "It's because of such hindrances that Stanbic revamped its loans offering to not only allow customers resolve their current financial needs, but also ensuring these loans take them to the next level of their growth."

Stanbic keep your dream plan alive

Anne Juuko, Chief Executive Stanbic Bank Uganda was confident the new loan would keep many dreams alive.

"We know that the previous year was a difficult one for each and everyone but we, at Stanbic Bank are telling you not to put your dreams of buying a car, land or starting that side-hustle on hold. We believe this year comes with new possibilities and with Stanbic Bank as a financial partner, it all can be," Juuko said.

Stanbic Bank's Head of Lending Products, Jackson Emanzi, said the "Now-Now loans" campaign will offer personal salary loans, cash advances, unsecured and overdraft loans at a low interest rate of up to 15.9% based on your loan assessment which is currently the cheapest in the market.

"The purpose of pricing these loans low is to make them affordable and to encourage potential borrowers with urgent cash needs to approach the bank for relief. These loans are also a crucial financial service that can help boost businesses and enhance the speedy recovery of the economy," Emanzi said

He further noted, "With the digital component on these loans, application process will be seamless and efficient without any paperwork. And the funds acquisition quickly without any hustle with the loan disbursed into your Stanbic account in real time thus able to resolve your financial need urgently.

Also, customers acquiring the loans using the mobile and internet banking platform will enjoy an annual complimentary personal accident insurance cover and get a chance to enter our monthly draws to win variety of goodies which include; school fees, fuel, shopping and dinner vouchers, Emanzi added.

With the impact of the pandemic still amidst us, finding financial sources to sustain our day-to-day needs continues to be the biggest challenge. Mindful of this urgency, Stanbic Bank has lowered its interest rate and migrated all its lending solutions on to the digital platform to encourage customers in need of a helping hand access them in real time to quickly resolve their issues and carry on with their plans.

Stanbic Bank Uganda is a member of the Standard Bank Group, Africa's largest bank by assets. Standard Bank Group reported total assets of R1,98 trillion (about USD128 billion) at 31 December 2015, while its market capitalisation was R184 billion (about USD11,8 billion).

The group has direct, on-the-ground representation in 20 African countries. Standard Bank Group has 1 221 branches and 8 815 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.

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