Overview:
Stanbic Bank has raised its unsecured loan limits to 350m shillings under a relaunched Oli in Charge campaign, timed to school-term and business borrowing.
Stanbic Bank Uganda has raised the amounts customers can borrow without collateral under a relaunched consumer lending campaign, timed to a period when many families face school fees, business costs and farming expenses at the start of the final quarter.
Under the revamped “Oli in Charge” campaign, the bank said salaried customers could access unsecured loans of up to 350m Ugandan shillings, repayable over 120 months, while non-salaried borrowers, including farmers and entrepreneurs, could access up to 250m shillings.
The relaunch, in Kampala, coincides with the bank’s 35th year of operations in Uganda.
Sylvia Atuhairwe, head of distribution at Stanbic Bank Uganda, said the bank was simplifying access to credit at a time when many households faced pressure from school fees, business expansion and agricultural investment.
“Behind every loan application is a parent preparing for a school term, a business owner seeking to expand, a farmer investing in production, or a family planning for the future,” she said.
She encouraged parents to pay school fees and other bills through the bank’s mobile app, USSD platform, internet banking and agency network rather than carrying cash or queuing at branches.
Yvone Namutosi, head of digital and e-commerce, said customers could apply for loans through the Stanbic mobile app and USSD platform and receive a decision in as little as two minutes, without paperwork or a branch visit.
She said customers taking Instant Cash loans of up to 5m shillings through mobile banking would get interest-free access under the campaign terms, and that the bank was waiving charges on selected digital transactions to encourage online borrowing.
Dogo Singh, insurance manager at Stanbic Bank Uganda, said the campaign built in insurance cover as part of responsible borrowing, arguing that customers acquiring assets or taking on new commitments should protect them.
“A loan can help you acquire an asset, invest in a business, or achieve an important personal goal, but insurance helps ensure that those achievements are protected,” he said.