Stanbic Bank Unveils ‘Oli Sorted’ Loan Campaign

Summary:

• Stanbic Bank Uganda has introduced a new lending campaign called Oli Sorted. The aim is to help Ugandans get affordable credit for their personal and business needs.

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Stanbic Bank Uganda has launched a fresh lending initiative dubbed “Oli Sorted” with the objective of extending accessible credit to Ugandans for both personal and business purposes.

Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank, highlighted the prevalent need for financial support among individuals and businesses, especially at the onset of the year following significant expenditures in the preceding quarter. With the commencement of the new academic session, there’s a heightened demand for funds among parents, educational institutions, and businesses linked with the education sector. In a market where interest rates can soar up to 25 percent, Stanbic is offering loans up to Shs200 million at an attractive interest rate as low as 16 percent annually or 1.3 percent monthly, without any arrangement fees.

Aaron Akampa, serving as the Head of Enterprise Banking at Stanbic Bank, outlined that school proprietors can seek loans up to Shs3 billion for a 5-year school development venture or up to Shs500 million through the Unsecured Bridge Financing Solution to cover initial expenses such as essential supplies and utilities at the beginning of the new term. Moreover, the bank has streamlined its credit processing system, enabling applicants to access funds within 24 hours. Small and medium enterprise (SME) owners can avail themselves of SME Business Loans of up to Shs200 million for a duration of six months, with interest rates commencing at 20% annually under the Stanbic Enterprise category, accessible within 48 hours following a successful application.

Arinaitwe stressed that the primary objective of the Oli Sorted campaign is to mitigate gender disparity concerns by offering women-owned businesses and schools a special interest rate of 15.5%.