Stanbic Bank cuts interest rates in new ‘oil sorted’ campaign

Kampala, Uganda – January 29, 2024

To stimulate economic activity, Stanbic Bank Uganda has announced a new lending campaign dubbed Oli Sorted, aimed at facilitating Ugandans to access affordable credit to finance their personal and commercial needs.

Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank said after the last quarter of the year which is characterized by high-spending, individuals and businesses need cash in the first quarter to finance their plans for the year.

“We acknowledge that the new academic year is opening, and we know what that means for parents, schools, and businesses linked to the education ecosystem and in a market where interest rates can be as high as 25 percent, Stanbic is offering Ugandans the opportunity to borrow up to UGX 200 million at as low as 16 percent per annum or 1.3 per month, at no arrangement fees,” said Israel.

Aaron Akampa, the Head of Enterprise Banking at Stanbic Bank said, “School owners can apply to access for up to UGX 3 billion for a 5-year school development loan, or UGX 500 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 added that, knowing 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 UGX 200 million for six months with interest rates starting at 20% p.a. under the Stanbic Enterprise category, accessible within 48 hours after success application,” he said.

Arinaitwe added that, “to address gender parity concerns that often affect equitable access to finance and opportunities for women, 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, Bank assurance Manager at Stanbic Bank said under the Oli Sorted Campaign, 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.”

The ‘Oli Sorted’ campaign runs till end of March 2024.

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