Absa Bank Uganda has unveiled ‘It’s your turn. Jooga 2025 with Absa’, a campaign offering a number of financial services to both individuals and businesses to empower them to achieve their 2025 goals.
Speaking at the campaign unveiling at Absa Bank Uganda’s head office in Kampala, Absa Bank Uganda’s Ag. Retail and Business Banking Director Ronald Kamulegeya said that through the Jooga 2025 with Absa, customers can access financing tailored to their needs and this includes car loans of up to UGX 600m, unsecured business loans of up to UGX 200m for SMEs, salary loans of up to UGX 300m, repayment holidays.
He further mentioned that school bridge loans of up to UGX 500 million are available, with no arrangement fees. “We believe that everyone deserves an opportunity to succeed and achieve their goals, that’s why we often come up with innovative solutions that meet the unique needs of each and every customer of ours,” he stated.
Under this campaign, customers new to borrow or new to Absa Bank will have a payback of up to UGX 1,000,000. Clients who switch their Personal Loans (salary Loans) Vehicle asset finance, or Mortgages (Home loans) will get cash back, and the business customers who switch their unsecured loans from other financial institutions to Absa.
According to UN Trade and Development (UNTAD), Uganda has 1.1 million SMEs which account for 80% of the country’s GDP and 90% of the private sector.
“We are well aware of the need for affordable financing for both individuals and businesses. That’s why under this campaign, we are offering credit at competitive interest rates, reduced processing fees, and flexible repayment terms of up to 84 months for personal loans,” Kamulegeya said.
Michael Segwaya, the Absa Bank Uganda’s Executive Director & CFO said: “At Absa, we continue to be more responsive to customer needs. We put our customers at the center of everything we do. In addition to delivering seamless banking experiences to our customers meeting their needs at their convenience, a campaign like this will give clients much-needed financing for their goals, whether it is investing in the business, their children’s education, or vehicle financing.”
According to the World Bank’s Uganda Human Capital Index for 2020, 15% of Uganda’s population incurs catastrophic health expenditure measured as out-of-pocket spending, which exceeds 10% of household consumption or income.
“A majority of the population relies on cash payments from savings, the sale of property or crowdfunding to cover unexpected health emergencies, and our motivation for providing our Absa Medical insurance cover is to play a part in helping more people acquire access to affordable insurance, so as to improve the quality of life of more people in Uganda.”
