Stanbic Bank Uganda has introduced a new lending campaign called Oli Sorted. The aim is to help Ugandans get affordable credit for their personal and business needs.
According to Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank, many people and businesses need money at the start of the year after spending heavily in the last quarter. With the new academic year beginning, there is increased demand for funds among parents, schools, and businesses associated with the education sector. In a market where interest rates can go up to 25 percent, Stanbic is offering loans of up to Shs200 million at an interest rate as low as 16 percent per year or 1.3 percent per month, with no arrangement fees.
Aaron Akampa, the Head of Enterprise Banking at Stanbic Bank, mentioned that school owners can apply for loans of up to Shs3 billion for a 5-year school development project, or up to Shs500 million under the Unsecured Bridge Financing Solution to help with expenses like basic supplies and utilities at the start of the new term. The bank has also improved its credit processing efficiency, allowing applicants to access funds within 24 hours. Small and medium enterprise (SME) owners can apply for SME Business Loans of up to Shs200 million for six months, with interest rates starting at 20% per year under the Stanbic Enterprise category, accessible within 48 hours after a successful application.
Arinaitwe emphasized that the Oli Sorted campaign aims to address gender parity concerns by offering women-owned businesses and schools a special interest rate of 15.5%.