Stanbic Bank to Offer Full Financing for Ugandans Buying Homes

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Ugandans hoping to live under their roof and end renting have a new opportunity to do so with 100% financing from Stanbic Bank, courtesy of a new lending campaign dubbed “Oli Sorted” launched last week.

The 90-day campaign which targets the back-to-school season also enabled parents to borrow up to Shs 350 million in unsecured personal loans from Stanbic Bank, to support them pay school fees and other attendant expenses.

Speaking to the media this morning, Israel Arinaitwe, the head of Personal Banking at Stanbic Bank said the campaign is a timely response to address the needs of customers who require financing different aspirations in life.

“We are simply responding to what we hear and see from the feedback of our customers—they are tired of renting, they want to get more money, but they also want longer repayment tenures; so, we are responding in the affirmative through this campaign,” said Arinaitwe.

The campaign also covers the needs of business customers—those owning small and medium enterprises and seeking capital to restock or expand, according to Aaron Akampa, the head of Enterprise Banking at Stanbic Bank.

“Small and medium enterprises are the lifeblood of our economy—they employ millions and support the livelihoods of thousands of Ugandans. And they have been asking us to do more for and with them—they want access to quicker credit, and they want to borrow at lower rates and safer options from moneylenders—The Oli Sorted campaign is our response, and we invite all small businesses across the country to
visit any of our branches to get more information on how we can support them to grow their businesses,” said Akampa.  

Both retail and business customers seeking credit in the next 90 days will benefit from the promotion offer of zero arrangement fees which means they get exactly what they apply for, without losing money in form of administrative processing fees often charged by banks.

“First of all, we are increasing the given under the previous campaign, to Shs 350 million in unsecured loans—we will not charge arrangement fees, and our decision will be given within 48hrs ensuring that no time is wasted,” said Salim Kitagenda, the head of Products at Stanbic Bank.

Kitagenda said while the Oli Sorted campaign targets Ugandans banking with Stanbic, customers currently working with other banks can be assisted to quickly open accounts with Stanbic and even transfer any loans with other banks and get to benefit from attractive offers.

SCHOOLS ARE SORTED

The campaign also targets schools— with parents who pay school fees through Stanbic agents and other channels such as FlexiPay standing a chance to win up to Shs 500, 000 in cash back. Agents who process the most school fee payment transactions will also stand a chance to have their rent by the bank.

School administrators can also secure up to Shs 3 billion in operating capital to restock or construct new premises. Albert Yiga, the head of Education Sector Banking, said the campaign also comes with a variety of rewards for head teachers, bursars, school directors, parents, teachers and Stanbic Agents.

The Cash-Back campaign has three broad brackets with rewards of insurance cover, school fees and rent refunds for agents. During the campaign, 45 schools will be awarded with insurance policies, numbering 90 in total.

“During the campaign, a total of 120 parents or students are potential winners. All they need to do is pay school fees through Stanbic platforms specifically FlexiPay, Schoolpay or through Stanbic agents to be considered eligible,” said Yiga.

In Category One (the top tier), schools that grow from the previous cycle’s average monthly collections by average balances of Shs 500 million (an equivalent of at least Shs 1.8 billion in collections) will win three policies (Head Teacher, School Director, and School Bursar.)

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