Stanbic Bank Uganda has announced loan holiday packages for business and personal clients as measures against the economic impact caused by the COVID19 global pandemic.
Stanbic Bank Uganda’s Chief Executive Anne Juuko said, “We understand that the situation has placed challenges in your day to day lives, disrupted livelihoods and your business operations. This is why we are providing relief measures to support you in the best way we can.”
She added, “For our corporate clients, we are engaging them to understand their needs and find the appropriate solutions to ensure their business sustainability. In addition, our SME customers whose incomes have been impacted as a result of COVID19 can now apply for a payment holiday of up to 90 days based on their unique circumstances. We are encouraging our clients to reach out to our business bankers, relationship managers or contact our customer care centre.”
Juuko also said the bank will proactively work with employers to agree on an appropriate debt relief package for customers whose income have been impacted as a result of COVID19.
Stanbic acting Head of Personal and Business Banking Grace Mulisa said, “We are committed to unlocking new solutions to allow you to continue to run your businesses efficiently. We shall continue to work closely with you to consult on measures we can take to protect you our clients from adverse economic effects of the COVID-19 pandemic. Cognisant of the challenges SMEs face to access financing, we will continue to be at the forefront of delivering wholesome solutions to entrepreneurs directly through strategic alliances and partnerships.”
SME’s are the key engine of growth for Uganda’s economy with an employment capacity of over 2.5 million people, significantly higher than the corporate private sector at approximately 800,000.
The loan holiday is effective from 1st April and customers are advised to contact the bank by 30th April 2020. This will apply to all loan facilities.
About Stanbic Bank Uganda
Stanbic Bank Uganda is part of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).
The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres. Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.
Stanbic Bank Uganda provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Uganda’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth. For further information, to www.stanbicbank.co.ug