Hope Ekudu

"If a customer is granted a holiday for example for 3 months, they will not pay their installment for those months however at the end of the 3 months."

"The delayed installments including interest will be added back to their loans and installments will start again. *This will mean that there may be a slight change in the installment amount paid."

"The loan will also be extended by the period of the holiday."

"All loan information is submitted to the Credit Reference Bureau and customers are rated according to performance on their loan obligations."

"Normally a restructure would affect the customer’s credit rating negatively however for this period that is between 1st April 2020 and 1st April 2021."

"If a restructure or moratorium is granted, the customer’s records within the credit reference bureau will not be affected in line with guidance from Bank of Uganda."

"All customers who have been affected by the Covid-19 Pandemic are eligible for restructures and holidays on a case by case basis."

"The Bank understands that customers may have been affected differently by this crisis and may have unique needs."

"Customers may actually want to pay back their loans early so as to remove this ‘burden’ on their revenues."

"It is therefore necessary to consider the impact of the virus and government restrictions such as the lockdown on each business before applying for a holiday or restructure."

"The Bank is reaching out to various employers to establish the impact of the pandemic and agree on relief packages for their staff who have borrowed under a scheme arrangement."

"Individual or personal customers can proactively reach out for support by sending a request for a restructure or holiday to the Bank specifying the impact of the virus on their ability to continue payment and attach evidence such as an E-mail or Letter clearly stating the impact of COVID-19 as the reason for unpaid leave, termination or redundancy."

"Depending on the impact of the crisis, a customer may apply for a repayment holiday between 1 to 12 months effective 1st April 2020."

"It is necessary to do a proper analysis of the business to determine the best period for the holiday taking into account."

"The need to show that there will be a sustainable source of income after the holiday period."

"Business customers should provide management accounts for quarter 1, 2020 that will provide a view of their performance before COVID-19."

"In order to show the impact, there is need to show through a narrative or documentation."

"The process of evaluation and approval will take an average of 1week."

"The customer will need to agree to the new terms before changes are complete."

"Customers can approach the Bank to request for new loans after a restructure or holiday and the Bank shall consider the unique circumstances before any final decisions are made."

"Digital micro-loans such as LetsGo Pesa loans by Airtel Money and Letshego which was launched in September this year."

"Is a fintech breaking down these barriers by offering financial services to anyone with an Airtel Money account, regardless of location."

"By leveraging mobile technology, a parent can access a loan between UGX20,000 and UGX700,000 payable in 30 days. *The said parent can go ahead to skip the long traditional bank lines and pay his/her child’s school fees through Airtel Money School pay."

"The Uganda Communication Commission (UCC) Market Performance Report 4Q FY 2023/24 (April – June 2024) stated that the second quarter of 2024 recorded 38.5 million active mobile subscriptions and 44.2 million mobile money registrations so far."

"This is an indication that as mobile penetration continues to increase, digital loans will only become prevalent."

"The demand for digital loans is expected to grow, driven by the convenience and speed that they offer while evolving to offer more personalized and flexible financial services."

"As more Ugandans become digitally literate and mobilesavvy, digital loans will continue to revolutionize financial inclusion."

"With the country’s young, tech-oriented population, the adoption of digital-first financial solutions will be more popular."

"We are excited to partner with Stabex International to further promote digital financial inclusion in Uganda. *Airtel Money has always been committed to delivering innovative, secure, and borderless financial services to our customers."

"Through this partnership, our customers can now make cashless transactions for fuel purchases and access other services at Stabex fuel stations across the country using their mobile wallets."

"This partnership will also allow Stabex customers making cashless payments to enter a draw for a chance to win exciting prizes in our ongoing nationwide Vroomula Amajja campaign."

"These prizes include a brand-new Toyota RAV4 Hybrid sports utility vehicle (SUV), motorbikes, and e-money."