HERE FOR GOOD: How Standard Chartered Bank is making it easy for customers in Uganda to cope during Covid-19 Standard Chartered Bank is one of Uganda’s largest 3 banks and as such, one of the biggest industry movers and shakers. We reached out to the bank’s Chief Executive Officer, Mr. Albert Saltson on how the bank’s operations have been impacted by Covid-19 and how it is responding especially for the benefit of its customers.

We commend the measures announced by the Central Bank of Uganda to support financial institutions during this pandemic, which are designed to ensure we have adequate capital buffers and allow us to accommodate our clients’ requests to stem the impact of the pandemic on their businesses. We are cognizant that these are unprecedented times and the full impact of the pandemic on businesses or the economy cannot be predicted as the situation is constantly evolving.

As one of the biggest lenders in Uganda, how has Standard Chartered Bank been affected or how do you think you will be impacted by Covid-19?

We are a strong and resilient bank and have for a period of about 4 years had a focused agenda to move our business to digital platforms, which investment has enabled us to continue our operations seamlessly and ensured that we minimise the impact of the pandemic on service to our clients. Like most other businesses, the Bank and its clients did face initial disruptions but we have put in place measures to support our colleagues, clients and wider communities; ensuring the safety and wellbeing of staff and clients and business continuity.

To ensure continued service for our clients during the pandemic we have;

• Adjusted branch operating time to 09 am – 03 pm and currently have three branches open for the period of lockdown – Speke Road, Lugogo and Jinja Branch. Clients can continue to use our other channels – ATM’s, online services and agent banking in this period. The other branches will resume operations after the lockdown.
• We have invested a great deal into our technology capabilities to ensure our banking operations remain open and the services we provide to our clients remain uninterrupted.
• For our staff’s wellbeing, we have enabled them to work remotely in order to stay connected and available to our clients.

What measures are you putting in place to cushion your clients and yourselves again the impact of Covid-19?

In line with the Bank’s brand promise – Here for Good, we are committed to going beyond banking to stand with our clients and staff in this uncertain time. Our priority is the wellbeing and safety of our staff and clients as well as ensuring that the clients access financial services and business continuity support. To ease the financial impact of Covid 19, we have various initiatives to support our Corporate and Retail clients which include;

• Offering a 3-month Repayment holiday for our individual clients – where clients can request for a 3-month repayment holiday on their personal loans or mortgage loans.
• Offering an extension on the tenure of the loan of up to 12 months, personal or mortgage loans to help reduce monthly payments.
• The Bank globally has committed USD1 billion to finance businesses participating in pharmaceutical services or healthcare providers tackling Covid-19. These can access preferential terms in the form of loans, import/export finance or working capital facilities that can be utilised for day-to-day business operations to tool up and help existing manufacturers get their products to market.
• To support the fight against COVID 19 locally, we have donated a total of UGX 135 million to Uganda Red Cross and Uganda Bankers Association to support our communities with emergency relief and to avert the adverse impact of the pandemic.
• We continue to sensitize our staff and clients on preventive measures of Covid 19 and also ensure that hygiene measures are observed in our branches and ATMs.

Our Digital Solutions:

• We have waived our digital transactions fees – The bank has waived charges on bill payments, money transfers between Standard Chartered accounts and wallet to mobile money transfer to MTN and Airtel Money to facilitate the use of non-cash transactions.
• We are encouraging our clients to continue using digital banking platforms for their banking needs. This includes Online Banking, SC Mobile App and USSD *266#. Our Straight2Bank (S2B) platform is available for businesses and corporates to make transfers, bulk mobile payments, receive deposits from mobile wallets, process salaries, tax payments, and utilities.
• As well, our Standard Chartered Agent Banking is now live. Our clients can now deposit or withdraw money at any Standard Chartered Authorized Agent or any bank agent with an agent banking handshake logo.
• We have enabled our clients to utilise flexible signature methods and flexible delivery methods for their instructions and to facilitate their business continuity.

How the bank’s lending rates have been affected by BoU’s April Monetary Policy statement- especially the easing of the CBR to 8%. Are you looking to ease down your prime lending rates too?

We are currently reviewing our interest rates in light of Bank of Uganda April Monetary policy statement. We shall advise our lending rates in due course.