In a bid to support customers in meeting their beginning-of-year goals, Absa Bank Uganda has unveiled solutions under a dynamic two-fold campaign designed to bolster both individual aspirations and business growth.
The three-month campaign, under the theme “Jooga2024 Ne Absa” for individuals and “Tumbula Business Yo Ne Absa” for businesses offers a complete package for both personal and business customers to achieve new year plans, goals, dreams, and needs with freedom.
Ronald Kamulegeya, Absa Bank Uganda’s Head of Customer Network, said, “Following the festive season – which is generally characterised by a lot of spending, travel and the like, the beginning of the year normally prompts us to set new resolutions, goals and aspirations that require financing. This is why Absa Bank Uganda is coming forward with various financing solutions to help every kind of customer begin the journey to achieving their goals and enjoying a smooth 2024.”
The campaign also offers flexible solutions for every kind of individual need, whether borrowing, saving, insurance or transactional. Special promotional offers announced included a boost to parents who can now access school fees loans or unsecured salary loans of up to shs 300 million with zero arrangement fees, and a 75-day repayment holiday to alleviate the pressure of the new year.
Additionally, individuals can access an affordable account, Absa Flexi; Absa Medical Insurance which offers up to shs100 million medical cover with reliable facilities in Uganda, East Africa, and referral in India; and Home Loans of up to shs2 billion.
According to the Ministry of Finance, Planning and Economic Development, Uganda’s Vision 2040 identifies human capital development as critical to the development of the nation1. Similarly, SMEs being the engine of the economy and accounting for 80% of Uganda’s GDP2, require bespoke solutions amid challenges in accessing finance to spur further growth.
“In addressing the challenge of access to credit due to stringent collateral requirements, we now have unique business unsecured installment Loans of up to shs200 million with a flexible loan repayment of three years for SMEs,” said Albert Byaruhanga, the bank’s Business Banking Director as he announced a revamped offering supporting SMEs across the country.
The new education sector value proposition provides a holistic sector solution, including the School Bridge Financing offer of up to UGX 500 million with zero arrangement fees. With this, education institutions can access capital to kickstart the year.
Further still, the vehicle asset finance caters to businesses seeking to acquire additional vehicles or equipment with up to shs600 million, providing financing of up to 100% of the value with zero arrangement fees.
Byaruhanga added, “Absa is a bank driven by the purpose of empowering Africa’s tomorrow, together, one story at a time, and we live this purpose by proactively seeking ways to enable our customers to achieve all their desired objectives through flexible and bespoke financial solutions for everyone.”
