KAMPALA — Stanbic Bank has launched a tailored-made campaign that will primarily focus on providing free financial education and money management trainings to salary earners.
Sylvia Atuhairwe who heads the Employee Value Banking directorate at Stanbic says that the three month tailored-made campaign would look at different money aspects including borrowing, investments and saving for retirement age.
“We know the economic situation is quite volatile at the moment where people are living in a situation where interest rates have been going up in the market. We have therefore come up with this campaign, specifically for salary earners to be able to get financial management training,” Ms Atuhairwe said at the launch, saying the campaign will go through Human Resource managers.
“This training helps look at different aspects of adjustment that the salary earners should go through from the time of earning their salary until retirement. We need to train them on how to earn money but also how to save, invest and spend it wisely,” she added.
“We have come up with affordable loans but also to teach the salary earners to borrow for something responsible and something they have carefully thought about. We are not an institution that just gives people money. We have extended our loan tenure to 84 months to help those struggling with paying too many loans to consolidate them into one and pay flexible installments which reduces the stress on their end.”
Ms. Atuhairwe told reporters that as part of efforts to bolster it’s relations with borrowers, the bank has extended the loan tenure to 84 months to help those struggling with paying to many loans to consolidate them into one and pay flexible installments to reduce the stress on their end.
On her part, Damalie Kairumba, the Manager for Home Loans at Stanbic Bank said the bank has equally designed products to help address the housing gaps in Uganda.
“We have done research and over 48% of the customers who take loans now do so to either buy land or construct. Therefore, our home loan offering is to be able to make go to customers whose need is construction which comes with a flexible loan tenure of up to 25 years. This means you can be able to get more money and can do something you can start and complete as opposed to running into several cases to borrow money and end up being stressed.”
According to Habitat for Humanity, Uganda’s housing deficit stands at 2.4 million housing units, out of which 210,000 units are in urban areas and 1.395 million units in rural areas. An estimated 900,000 units are substandard and in need of replacement or upgrading.
By the above statistics alone, more homes still need to be built for a country whose population is 70 per cent under the age of 30. This trend is not about to slow down.
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