Stanbic Bank has announced her plan of aiding the operations of Savings and Credit Cooperative Organisations (SACCOs) and Village Savings and Loans Associations (VSLAs) throughout the country.
Basing on the bank’s head of Client Solutions, Emma Mugisha, the move has an agenda of making both SACCOs and VSLAs better and more interesting for members plus other Stakeholder through majorly focusing on lending, investigating and saving.
“The Stanbic proposition will enable SACCOs and VSLAs to access loans so that they in turn can lend to their members and create opportunities for growth and social economic transformation. It will also support financial inclusion drives in the country,” said Emma Mugisha.
Through Ministry of Trade and Cooperatives, the bank plans to reach out to registered SACCOs and VSLAs as well since they are regulated by the Ministry of Gender, Labour and Social Development.
Beneficiaries from this plan laid out by Stanbic Bank will then be granted an opportunity to open up SACCO accounts that shall have free cash and cheque deposits, free transfers into the account from SACCO members plus free cash withdraws.
Aside from the above, they also stand a chance to benefit from this account with options like free online banking, no monthly management fees, tiered interest paid on balances above She 10 million, financial literacy sessions offered to management and selected members plus participation in capacity building programs at the bank’s business incubator.
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More to the above, among the bank’s quotations is an affordable 12.5% interest rate for loans without security that go upto UGX 200 million with a tenor that lasts for at most 12 months or a year.
Or a saving group could opt for a secured term loan of up to UGX 1.5 billion although the tenor this time will running between 12 months minimum and a maximum of 36 months.
On a platform known as Mobis, officials informed that a microfinance platform used by SACCOs, their would be a provision of core banking capabilities by the bank entailing many other things such as;
Savings account management, credit and cash management, back-office accounting and financial repoy, deposit or withdrawals from the SACCO account to mention but a few.