Stanbic Bank Launches Quick Digital Salary Loans Platform

Stanbic Bank, Uganda, introduces instant loans for its customers.

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Stanbic Bank Uganda has launched the “Now-Now” quick loans digital platform. The paperless digital platform is aimed at customers whose salaries are channeled through the bank. Simply dial *290# and click option eight (8) for the salary loan to be processed in less than six hours.

The campaign is aimed at offering customers quick and affordable loans. This is a timely idea to overcome financial challenges in the wake of the COVID-19 pandemic.

Grace Muliisa, the Stanbic Bank’s Head of Personal and Business Banking said “The ‘Now-Now loans’ campaign is a new concept derived from the exciting loan offering to be enjoyed by customers. This lending solution comes with unique benefits of a low-interest rate of up to 15.9 per cent, insurance cover, and much more. However, the rates might be subject to changes based on individual loan assessment.” She added that “all our loan products have been migrated onto our digital platforms, making them easy to access in real time at our customer’s convenience. Those transferring their loans to us enjoy zero management fees.”

Resolving financial distress
Muliisa further explained that “We understand that the impact of the novel COVID-19 pandemic still exists. A host of individuals both in the private and public sector, continue to experience financial stress. This coupled with a high cost of living and delayed payments, has depleted their savings reserves,” adding that, “What this means, is, that they are unable to cater for their day-to-day needs, pay for essential services like healthcare, education and grow financially thus unable to live a decent livelihood.”

Stanbic is a huge driver when it comes to Uganda’s growth. Muliisa also noted, “It’s because of such hindrances that Stanbic revamped its loan offerings to not only allow customers resolve their current financial needs, but also ensuring these loans take them to the next level of their growth.” With their focus being to identify key financial obstacles that stand in the way of affordable financial service enhancing personal growth. “We know that the previous year was a difficult one for each and everyone but we are telling you not to put your dreams of buying a car, land or starting that side-hustle on hold. We believe this year comes with new possibilities and with us as a financial partner, it all can be,” she added.

Help Now Now
Stanbic Bank’s Head of Lending Products, Jackson Emanzi, said that the “Now-Now loans” campaign will offer personal salary loans, cash advances, unsecured and overdraft loans at a low interest rate of up to 15.9 per cent based on your loan assessment which is currently the cheapest in the market. “The purpose of pricing these loans low is to make them affordable and to encourage potential borrowers with urgent cash needs to approach the bank for relief. These loans are also a crucial financial service that can help boost businesses and enhance the speedy recovery of the economy,” he said.

He further noted, “With the digital component on these loans, the application process will be seamless and efficient without any paperwork. And the funds acquisition quickly without any hustle with the loan disbursed into your Stanbic account in real time thus able to resolve your financial need urgently. Also, customers acquiring the loans using the mobile and internet banking platform will enjoy an annual complimentary personal accident insurance cover and get a chance to enter our monthly draws to win a variety of goodies which include school fees, fuel, shopping and dinner vouchers,” he added.

Stanbic Bank Uganda is a member of the Standard Bank Group, Africa’s largest bank by assets reporting total assets adding up to $128 billion as of 31 December 2015, while its market capitalisation was $11.8 billion. The group has direct, on-the-ground representation in 20 African countries.

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