Stanbic Bank Uganda, the leading financial services institution has reduced its prime lending rate by 100 basis points from 22 to 21%, effective the 1st of December 2016.
This is the fourth time the bank has reduced its prime lending rate in the last 8 months and it means Stanbic bank now has the lowest Prime Lending Rate among commercial banks active in the lending sector.
Announcing the rate reduction the Chief Executive of the Bank Mr. Patrick Mweheire said, “We have been encouraged by the news and data coming from the central bank which suggests the economy is recovering, our decision to reduce the rate is based on the prevailing economic conditions which are improving and our policy of maintaining the transparency of our pricing to our customers, where we match any movements of the Central Bank Rate with adjustments to our Prime Lending Rate.”
He continued, “Despite signs of the recovery, we appreciate these are still very challenging times especially for small scale businesses which constitute the bulk of the private sector and contribute immensely to GDP output. Giving them access to cheaper credit is therefore key to driving long term sustainable economic development.”
To enable small businesses operate more efficiently and lower their costs of doing business, Stanbic is introducing ‘Enterprise Online’ an online banking solution that gives small and medium sized companies access to their entire banking portfolio. Using Enterprise Online, companies can make secure online payments, effect collections, manage transfers, view balances and maintain/update the status of their profile by simply inserting a link via a supported web browser on a desktop or laptop. “As a bank our objective is to put our customer’s increasingly in control of their overall banking experience; digital channels give us this possibility, a reason why we are investing so heavily towards their continuous development and integration into our banking offering,” Patrick concluded.
