Stanbic Bank Uganda has unveiled a new initiative aimed at increasing access to finance for young people and women.
The programme, dubbed Kiri SupaDupa, offers flexible loan options with competitive interest rates, according to the bank.
The move is seen as a bid to address the challenges faced by young entrepreneurs and women in accessing credit facilities.
“Young people and women are critical to Uganda’s economic growth, but they often face significant barriers when trying to access finance,” said Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda.
“Our new initiative is designed to help address this challenge by providing access to affordable credit facilities.”
Under the programme, salaried employees can access unsecured loans of up to 350m Ugandan shillings, with interest rates as low as 16%.
The bank is also offering home loans of up to 100% financing at an interest rate of 15%, payable over 25 years.
In addition, the bank’s Stanbic for Her initiative provides unsecured financing for women entrepreneurs at interest rates between 12.5% and 15.5%.
The programme is part of the bank’s efforts to promote financial inclusion and support the growth of Uganda’s economy.
Stanbic Bank Uganda has also allocated a significant portion of its loan book to support savings and credit cooperatives, which provide financial services to millions of Ugandans.
