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Absa Bank Uganda moves to ease school fees burden for customers

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Musa Jallow, Absa Bank Uganda's Retail Banking Director.

Musa Jallow, Absa Bank Uganda’s Retail Banking Director.

By Our Reporter

Absa Bank Uganda will offer a two-month repayment holiday on salary loans to customers as schools reopen in January. The offer is available on salary loans with competitive interest rates for sums between UGX1 million to UGX250 million.

“The pandemic has created economic pressures sending many into financial distress. With the impending school reopening, we are aware that parents will face challenges meeting school fees obligations. With our salary loan offering, we will be able to provide support to our customers by providing a two-month repayment break valid for all salary loans with zero arrangement fees. Customers can also apply for loan top-ups online using our robust digital platforms,” said Musa Jallow, Retail Banking Director, Absa Bank Uganda.

Education institutions have been closed since March 2020 due to the coronavirus pandemic adversely affecting both learners and parents. According to the Ministry of Education, the new school calendar will resume on 10th January.

“We are hopeful that this offer will support a smooth return to school as learners resume their education journey. As a bank, we believe that education remains a key driver supporting positive social-economic development in our communities and we are happy to provide financial support to ease the burden many parents are facing,” Mr. Jallow added.

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