Stanbic launches Oli Sorted to help ease customers into new year

January 29, 2024 in Business, Financial Services by Editor

Akampa, Arinaitwe; Albert Yiga, the Head of the Education Sector and Singh line up to officially launch the campaign in Kampala.

Stanbic Bank is running a three month campaign, Oli Sorted, to encourage borrowers to sort out urgent financial needs in the New Year and as a means of stimulating economic activity.

“We acknowledge that the new academic year is opening, and we know what that means for parents, schools, and businesses linked to the education eco-system. In a market where interest rates can be as high as 25 pc, Stanbic is offering Ugandans the opportunity to borrow up to UGX 200 million at as low as 16 pc per annum or 1.3 percent per month, at no arrangement fees,” Israel Arinaitwe, the Head of Personal Banking said during the official launch in Kampala.

He said the end of a year is usually characterized by high-spending, but both individuals and businesses alike now need cash in the first quarter to finance their plans for the coming year. Oli Sorted is aimed at facilitating Ugandans to access affordable credit to finance their personal and commercial needs. The campaign will run until the end of March.

Aaron Akampa, the Head of Enterprise Banking said, “School owners can apply to access for up to UGX 3 billion for a 5-year school development loan, or UGX500 million under the Unsecured Bridge Financing Solution to assist them to cope with expenses on basic supplies and utilities needed to start the new term.”

Akampa said considering how time is an important factor in business, the bank has enhanced its credit processing efficiency enabling applicants to access credit within 24 hours. “We are also saying, small and medium enterprise (SME) owners can apply for SME Business Loans of up to UGX200 million for six months with interest rates starting at 20% pc under the Stanbic Enterprise category, accessible within 48 hours after a successful application,” he said.

Arinaitwe said, “To address gender parity concerns that often affect equitable access to finance and opportunities for women, the Oli Sorted campaign will enable women-owned businesses and schools to borrow at a special interest rate of 15.5%.”

Stanbic Bank is also availing its platforms including School Pay, Flexipay and Agent Banking to assist schools in efficiently collecting fees from their various stakeholders.

Dogo Singh, the Bancassurance Manager  said schools that get a construction loan of above a billion shillings or an unsecured school loan of above UGX 100 million will automatically qualify for a fire insurance cover of up to UGX 45 million, with free additional cover for theft and burglary worth UGX 5 million, and up to UGX 5 million for all the declared assets to be covered.