Absa Uganda softens on salary-loans to support return to school

January 3, 2022 in Business, Companies by Editor

African lender Absa’s Ugandan unit has offered a two-month holiday on new salary loans, to give borrowers breathing space as schools reopen after a tow-year hiatus. The offer that starts this month is available on salary loans from values of UGX1 million to 250 million.

“The pandemic has created economic pressures sending many into financial distress. With the impending school reopening, we are aware that parents will face challenges meeting school fees obligations. With our salary loan offering, we will be able to provide support to our customers by providing a two-month repayment break valid for all salary loans with zero arrangement fees,” said said Absa Uganda’s director for retail banking Musa Jallow.

Incumbent borrowers can also tap into the offer by applying for loan top-ups online through the lender’s digital platforms.

Uganda suspended schooling in March 2020 as authorities responded to the first cases of the Covid-19 pandemic in the country. Schools reopen January 10.

“ We are happy to provide financial support to ease the burden many parents are facing and we hope that this offer will support a smooth return to school,” Jallow added.