Israel Arinaitwe, Head of Personal Banking Stabic Bank
Stanbic Bank Uganda has unveiled a groundbreaking campaign, “Kiri SupaDupa,” designed to break down barriers to finance for newly employed individuals, particularly youth and women. This initiative is a significant step towards addressing the institutional barriers that young people face when accessing funding.
According to the African Development Bank, young people encounter significant obstacles when seeking funding, including lack of collateral, limited credit history, and restrictive loan requirements. The “Kiri SupaDupa” campaign aims to alleviate these challenges by offering flexible loan options.
The campaign provides unsecured loans of up to UGX 350 million with competitive interest rates as low as 16% and repayment terms of up to 96 months. Additionally, home loans with up to 100% financing are available at a 15% interest rate, payable in 25 years. Women entrepreneurs can also access unsecured financing through the “Stanbic for Her” initiative at interest rates between 12.5% and 15.5%.
Israel Arinaitwe, Head of Personal Banking, emphasized the bank’s commitment to empowering youth and women. “Africa is predominantly youth, and we are resolute in ensuring that our lending products reflect that reality.”
The application process has been designed to be user-friendly, with loans approved in less than 24 hours through Stanbic Bank’s online banking platform, website, or branch visits.
Furthermore, the bank has allocated a significant portion of its loan book to support Savings and Credit Society Organizations (SACCOs). SACCOs can access loans of up to UGX 4 billion at an interest rate as low as 10%.
Stanbic Bank Uganda has unveiled a groundbreaking campaign, “Kiri SupaDupa,” designed to break down barriers to finance for newly employed individuals, particularly youth and women. This initiative is a significant step towards addressing the institutional barriers that young people face when accessing funding.
According to the African Development Bank, young people encounter significant obstacles when seeking funding, including lack of collateral, limited credit history, and restrictive loan requirements. The “Kiri SupaDupa” campaign aims to alleviate these challenges by offering flexible loan options.
The campaign provides unsecured loans of up to UGX 350 million with competitive interest rates as low as 16% and repayment terms of up to 96 months. Additionally, home loans with up to 100% financing are available at a 15% interest rate, payable in 25 years. Women entrepreneurs can also access unsecured financing through the “Stanbic for Her” initiative at interest rates between 12.5% and 15.5%.
Israel Arinaitwe, Head of Personal Banking, emphasized the bank’s commitment to empowering youth and women. “Africa is predominantly youth, and we are resolute in ensuring that our lending products reflect that reality.”
The application process has been designed to be user-friendly, with loans approved in less than 24 hours through Stanbic Bank’s online banking platform, website, or branch visits.
Furthermore, the bank has allocated a significant portion of its loan book to support Savings and Credit Society Organizations (SACCOs). SACCOs can access loans of up to UGX 4 billion at an interest rate as low as 10%.
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