IT CAN BE: Stanbic’s role in supporting businesses during COVID-19 Stanbic Bank, recently cut its prime lending rate to 16.0%- a decent 2.84 percentage points below the industry 18.84 percent industry average. This is probably the lowest in the banking industry to date. This is the second time that Uganda’s largest lender is cutting its base lending rate that opened the year at 17.5 percent. CEO East Africa Magazine, had a quick catch-up with Anne Juuko, the Stanbic Chief Executive on the insights behind the cuts and how the bank is propping up the vulnerable SME sector during these harsh Covid-19 times.
Anne Juuko, Stanbic Bank's Uganda Chief Executive has said Stanbic has both the capability and willingness to support the economy, especially SMEs brave the tough Covid-19 storms
You recently cut your prime lending rate to 16 percent, for the second time this year. This is a rather unexpected move, given the probable likelihood of increased Non-Performing Loans and other Covid-19 related risks. What are the insights behind this decision?
Stanbic has consistently re-priced our prime lending rate in response to every CBR movement by the Central Bank over the past 10 years
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