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Stanbic to widen loan portfolio

 

Stanbic Bank Uganda is currently on a charm offensive for clients, dangling low-interest loans and flexible repayment plans as the bank looks to cement its top position in the market.

The bank recently launched a campaign to create awareness of a number of its product offerings.

In a statement, Stanbic bank head of Personal Markets Israel Arinaitwe said: “Providing quick and affordable financing is a key component to growing Uganda’s economy. As the leading bank in the country, Stanbic plays an important role by growing clients’ activities and businesses by providing financial solutions that meet their needs. We offer tailor-made solutions at the best rates in the market.”

The campaign will run up to May 31, 2020, where customers can access a number of loan products at low market rates.

“We want to create awareness about the different lending solutions available that are tailored to suit your needs and can be accessed at the lowest interest rate in the market and in real time when you need it. No matter the circumstance, the bank has a matching solution to match the individual customer need in a timely manner,” Arinaitwe said.

Stanbic’s campaign is a sigh of relief in a market where credit to the private sector has gone down. According to the December 2019 Bank of Uganda Monetary Policy report, there was a decline in private sector credit growth in the fourth quarter of 2019 due to the slowdown in economic activity.

Arinaitwe said they have introduced new technological initiatives to widen access to their products.

“To better serve our clients, we have improved our processes and introduced technology to provide financing much faster and more efficiently.

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