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  • Why I&M Bank phased out old ATM cards

    I&M Bank Uganda recently said it will phase out the old Orient Bank-branded Visa debit cards. The bank said its customers will now exclusively use Mastercards.

    The bank urged customers to upgrade to the new and improved I&M Bank Mastercards by February 1 because its new banking system will not be able to support the Visa debit cards.

    “We are on course to offer the best and most convenient banking services and experience to our customers. Our recent partnership with Mastercard birthed a range of new and amazing I&M Bank Mastercard products.

     The I&M Bank Mastercards will offer seamless payment solutions. We encourage our customers to embrace the recarding process, in order to enjoy more convenient yet secure banking that comes with various benefits,” said I&M Bank CEO- Robin Bairstow.

    The issuing of the new I&M Bank Mastercards has been ongoing, and according to Annette Nakiyaga, I&M Bank’s Head of Marketing and Corporate Communications, the exercise has been overwhelmingly embraced by the bank’s customers.

    “We are grateful that most of our customers have embraced our re-carding call with great positivity. The replacement process is quick, and the customer will receive their cards instantly. The old cards will cease to be functional effective 1 February 2024.

    “The new cards can be activated using the I&M Bank USSD Service (*200#), the I&M Bank mobile banking application- Fastpay, as well as using the different ATM locations. Please visit our website for a step-by-step guide,” Nakiyaga explained.

    The I&M Bank Mastercard is designed to facilitate payment for daily expenditures, both locally and overseas, without the risk and inconvenience of carrying cash, as well as conveniently accessing cash from ATMs.  

  • Stanbic Bank Cuts Interest Rates In New Oli Sorted Campaign

    To stimulate economic activity, Stanbic Bank Uganda has announced a new lending campaign dubbed Oli Sorted, aimed at facilitating Ugandans to access affordable credit to finance their personal and commercial needs.

    Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank said after the last quarter of the year which is characterized by high-spending, individuals and businesses need cash in the first quarter to finance their plans for the year.

    “We acknowledge that the new academic year is opening, and we know what that means for parents, schools, and businesses linked to the education ecosystem and in a market where interest rates can be as high as 25 percent, Stanbic is offering Ugandans the opportunity to borrow up to UGX 200 million at as low as 16 percent per annum or 1.3 per month, at no arrangement fees,” said Israel.

     ‘Oli Sorted’ for businesses

    Aaron Akampa, the Head of Enterprise Banking at Stanbic Bank said, “School owners can apply to access for up to UGX 3 billion for a 5-year school development loan, or UGX 500 million under the Unsecured Bridge Financing Solution to assist them to cope with expenses on basic supplies and utilities needed to start the new term.”

    Akampa added that, knowing how time is an important factor in business, the bank has enhanced its credit processing efficiency enabling applicants to access credit within 24 hours.

    “We are also saying, small and medium enterprise (SME) owners can apply for SME Business Loans of up to UGX 200 million for six months with interest rates starting at 20% p.a. under the Stanbic Enterprise category, accessible within 48 hours after success application,” he said.

    Arinaitwe added that, “to address gender parity concerns that often affect equitable access to finance and opportunities for women, Oli Sorted campaign will enable women-owned businesses and schools to borrow at a special interest rate of 15.5%.

    Stanbic Bank is also availing its platforms including School Pay, Flexipay and Agent Banking to assist schools in efficiently collecting fees from their various stakeholders. 

    Fire insurance ‘sorted’

    Dogo Singh, Bancassurance Manager at Stanbic Bank said under the Oli Sorted Campaign, schools that get a construction loan of above a billion shillings or an unsecured school loan of above UGX 100 million will automatically qualify for a fire insurance cover of up to UGX 45 million, with free additional cover for theft and burglary worth UGX 5 million, and up to UGX 5 million for all the declared assets to be covered.”

    The ‘Oli Sorted’ campaign runs till end of March 2024.

  • UDB Partners With AGF To Agree To Lend To Women And Youth-Affiliated Businesses

    Uganda Development Bank (UDB), the country’s national Development Finance Institution, has today signed a Loan Portfolio Guarantee agreement with the African Guarantee Fund (AGF), to scale up lending to SMEs, Women, Youth-affiliated businesses, and green projects in Uganda with credit worth UGX16 Billion (approx. USD5 million).

    The announcement was made during an agreement signing ceremony that was held at the Sheraton Kampala Hotel.

    Patricia Ojangole, the UDB Managing Director while re-affirming the partnership, said UDB and AGF are working as strategic partners to facilitate and accelerate the development of underserved business segments in key growth sectors including agriculture, manufacturing, and tourism among others.

    “SMEs, Youth, and Women play a crucial role in Uganda as catalysts of socio-economic development. They make tangible contributions to solving the country’s most complex and intractable challenges like unemployment and expansion of the tax base.

    However, access to affordable financing remains one of their major challenges. As actors charged with the responsibility to appreciate our challenges and to design appropriate interventions that address them, we have today formed this formidable partnership with AGF to establish a sustainable solution that responds to these challenges,” she said.

    As a development Bank, UDB is one of the key entities involved in implementing the interventions outlined in Uganda’s National Development Plans (NDPs), particularly those that relate to the provision of affordable finance to facilitate and catalyze private sector investment and support the growth and development of SMEs.

    Jules Ngankam, AGF Group CEO hailed UDB as a key player in promoting private sector development.

     “Our partnership with Uganda Development Bank further increases our footprint and impact in the country. By supporting UDB to accelerate SME financing, we envision several development impact indicators, including increasing the number of people employed/engaged in businesses directly or indirectly and growth of enterprises from one stage to another: e.g., from Small to Medium enterprises, through financing and impact of capacity development on their operations and governance,” he said.

    Under the arrangement, AGF will also provide tailored facilities specifically the green guarantee for SMEs investing in low carbon and climate resilient businesses; and the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth program to support women-led and owned businesses.

    To accompany the guarantee partnership, AGF is at an advanced stage in structuring a Capacity Development support that will enhance UDB’s capacity to foster financial inclusion for the youth, women, and green SME projects.

    In 2021, UBD tailor-made a specific intervention aimed at supporting the growth of SMEs, women-led/owned enterprises, and youth entrepreneurs through bespoke financial and non-financial solutions.

    Given that the SME sector accounts for about 90% of Uganda’s private sector and generates over 75% of the country’s GDP, the Bank’s value proposition seeks to propel these groups in all sub-regions of the country towards higher business assets and revenues, while also creating new employment opportunities and redistributing wealth for balanced development.