Overview:
Absa Bank Uganda launches new campaign offering unsecured loans of up to UGX 600 million to support growth of small and medium-sized enterprises (SMEs)
KAMPALA, JANUARY 7, 2025 – Absa Bank Uganda has launched a new campaign, “It’s your turn. Jooga 2025 with Absa,” aimed at empowering small and medium-sized enterprises (SMEs) to achieve their goals. The campaign offers unsecured loans of up to UGX 600 million, repayable over a period of 84 months.
Speaking at the campaign launch, Ronald Kamulegeya, Acting Retail and Business Banking Director at Absa Bank Uganda, said: “We believe that SMEs are the backbone of Uganda’s economy, and we’re committed to supporting their growth and development. Our unsecured loan offer is designed to provide SMEs with the financing they need to invest in their businesses, without the need for collateral.”
The campaign also offers other financing options, including car loans of up to UGX 600 million, salary loans of up to UGX 300 million, and school bridge loans of up to UGX 500 million with no arrangement fees. New customers who borrow from Absa or switch their existing loans to the bank will receive a payback of up to UGX 1 million.
According to Kamulegeya, the campaign is designed to support the growth of SMEs in Uganda, which account for 80% of the country’s GDP and 90% of the private sector. “We’re aware of the need for affordable financing for SMEs, and we’re committed to providing credit at competitive interest rates, reduced processing fees, and flexible repayment terms,” he said.
Michael Segwaya, Executive Director and CFO at Absa Bank Uganda, added: “At Absa, we’re committed to delivering seamless banking experiences that meet the unique needs of our customers. This campaign is designed to provide our SME customers with the financing they need to achieve their goals and succeed in 2025.”
According to the World Bank’s Uganda Human Capital Index for 2020, 15% of Uganda’s population incurs catastrophic health expenditure.