When Azawi sang it’s your year, at first, it felt like a cliché statement said by an over ambitious person. And Absa Bank Uganda has added more weight to that phrase. The bank has unveiled a comprehensive two-fold campaign designed to enhance both individual aspirations and business growth.
The three-month campaign, themed “Jooga 2024 ne Absa” for individuals and “Tumbula Business Yo ne Absa” for businesses, offers a complete package for personal and business customers to realize their new year plans, goals, dreams, and needs with freedom.
Ronald Kamulegeya, Absa Bank Uganda’s Head of Customer Network, stated, “Following the festive season – which is generally characterized by a lot of spending, travel, and the like, the beginning of the year 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 provides flexible solutions for various individual needs, including borrowing, saving, insurance, or transactional services. Special promotional offers announced include a boost to parents, who can now access school fees loans or unsecured salary loans of up to Shs300 million with zero arrangement fees, along with a 75-day repayment holiday to ease the pressure of the new year.
Furthermore, individuals can access an affordable account, Absa Flexi; Absa Medical Insurance offering up to Shs100 million in medical cover with reliable facilities in Uganda, East Africa, and referral services in India; and Home Loans of up to Shs2 billion.
Recognizing human capital development as critical to the nation’s development, as outlined in Uganda’s Vision 2040 by the Ministry of Finance, Planning, and Economic Development, the campaign addresses the specific needs of Small and Medium-sized Enterprises (SMEs), which account for 80% of Uganda’s GDP.
Albert Byaruhanga, the bank’s Business Banking Director, announced a revamped offering supporting SMEs across the country. “In addressing the challenge of access to credit due to stringent collateral requirements, we now have unique business unsecured instalment Loans of up to Shs200 million with a flexible loan repayment of three years for SMEs,” he said.
The new education sector value proposition includes the School Bridge Financing offer of up to Shs500 million with zero arrangement fees, enabling education institutions to access capital to kickstart the year.
Moreover, 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 emphasized, “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.”