Absa Bank Uganda launches instant digital loans and online account opening

KAMPALA, Uganda — Absa Bank Uganda has launched a digital loan service and online account opening, aiming to provide customers with rapid, convenient, and paperless banking.

The Digi Loan service allows eligible customers to borrow between 20,000 and 2 million Ugandan shillings instantly, without paperwork, queues or branch visits. The entire process, from application to disbursement, can be completed in seconds.

The online account opening portal offers a self-service onboarding experience, allowing individuals to open an account in a few simple steps using a smartphone or computer.

According to Michael Segwaya, CFO and Executive Director at Absa Bank Uganda, the launch demonstrates the bank’s commitment to improving efficiency and empowering customers.

“These services support Uganda’s digital economy goals and offer practical solutions that eliminate the need for physical paperwork, queues, or branch visits,” Segwaya said.

Moses Rutahigwa, Retail and Business Banking Director, added that the digital onboarding solution simplifies and speeds up the process, reflecting the bank’s vision of a modern, technologically advanced banking experience.

The innovations address evolving market demands, with over 9.5 trillion Ugandan shillings in mobile money loans disbursed in Uganda in 2023, according to the Bank of Uganda.

Rachel Rwakatungu, Credit Director at Absa Bank Uganda, said the services provide real financial empowerment, giving people the tools to access and manage credit quickly, safely, and responsibly.

With these solutions, Absa continues to establish itself as a digitally-driven, customer-focused bank that offers intelligent and accessible financial services designed to meet the diverse needs of Ugandans.

Absa Bank Uganda Limited is part of Absa Group Limited, a major diversified financial services group in Africa listed on the Johannesburg Stock Exchange.