Stanbic Bank announces financial relief packages ahead of new academic year

In Summary
  • The campaign dubbed “Wumula Ka Stress (relieve your financial stress) runs until April 2023 and targets parents, schools, and suppliers.
  • Customers to enjoy up to 75 days of repayment grace period on new loans
  • School owners to access up to UGX 500 million in collateral free loans
Stanbic Bank’s Executive Director and Head of Business banking, Emma Mugisha adressing journalists in Kampala

Stanbic Bank Uganda has, unveiled ‘a financial relief package’ in a campaign dubbed “Wumula Ka Stress (relieve your stress)” whose benefits include, up to75-days’ grace period before the start of an 84-motnh repayment for customers who take new personal unsecured loans or top-ups, between January and April 2023.

Speaking to the press in Kampala, Stanbic Bank’s Executive Director and Head of Business banking,

Emma Mugisha said the 90-day campaign is designed for parents, schools, and suppliers, ahead of the start of the 2023 academic year. “To our customers who are also parents, we are saying, access a collateral free loan of up to UGX 250 million repayable in 84 months and enjoy a repayment grace period of up to 75 days normally, repayment starts immediately. That way, we relieve your stress.

For school owners, we know the pressure that comes with receiving students for the new academic

Year to ensure that you have enough operating capital, we are enabling them to access up to UGX 500 million of collateral free credit, within 24 hours which they can repay within two-school terms, as they collect,” said Mugisha.

At the start of the 2022 academic year, Stanbic Bank relieved schools of UGX 1.5billion worth of accrued unpaid interest on loans, this, after the Covid-19 pandemic had forced them out of operation for nearly two years the initiative directly benefited over 100 schools.

Stanbic Bank’s Head of Consumer Banking, Israel Arinaitwe, said the festive season which is

Characterized by heavy is often followed by financial stress as parents struggle to find resources to return children to school; school owners finding operating capital and, suppliers money to stock.

“Therefore, the campaign is to solution for all these customer segments and ensure that we support them to have the best possible start to the new year; hence the campaign, Wumula Ka Stress,” said Arinaitwe.

Paul Tamale, the Head of Card Business said as parents do back to school shopping for their children, they will also stand a chance of winning back up to 20% of the total expenditure when they buy from select outlets around the country.

“We are encouraging our customers to shop with their VISA cards; it is not only secure but also comes with benefits such as enjoying discounts and earning back some of the money you spend,” he said.

School owners are also being encouraged to apply for the Stanbic Bank School Comprehensive insurance which covers them against hazards such as fires, floods, and accidents.

“In the past, we have seen cases of schools getting burnt, school buses overturning and many other calamities; our Stanbic School Comprehensive product is designed to protect you from such and ensure business continuity,” said Dogo Singh, the Head of Bancassurance.

“Most Ugandans don’t have medical insurance mainly because it is expensive. Therefore, we created an affordable solution called ‘MediProtect’ in partnership with Prudential. With as low as UGX 600, 000, a parent can have their child insured for a year, relieving you of the stress that comes with paying for hospital bills out of pocket.'' he added.