As the back-to-school season continues, especially for senior one and senior five students, Ecobank Uganda has launched Edusave Loan- an affordable, flexible, and convenient personal loan for parents with school-going children. The product focuses on helping parents finance their children’s educational needs such as school fees, uniforms and books among others.
“Existing Ecobank Customers qualify for or can top up their current loans to a tune of UGX 280 million while non-Ecobank customers can simply transfer their loans to Ecobank and get 1% of the loan amount deducted and credited to their Edusave policy. The unsecured loans under this arrangement are repayable over a period of 60 months and come with a 50% discount on arrangement fees – giving parents access to unprecedented disposable income to cater for other school-related expenses,” says a statement from the bank.
“Ecobank will help customers without an Edusave policy get one and they will have the advantage of focusing on other priority areas for their children’s education as the Bank pays for their monthly Edusave premiums. The campaign began on January 20th and will run through March 31, 2023,” adds the statement.
Commenting about the significance of this product, Ecobank Uganda Managing Director, Grace Muliisa commented: “Education is a right, not a privilege. Its importance cannot be overemphasised especially when it comes to shaping our children’s future. With such kind of product offerings, we are an inch closer to achieving our mission to make education available to everyone and therefore leave no child behind due to a lack of finances.”
She added that “Ecobank was aware of the plight of many families at this point as they seek for finances for their children’s education following the negative impact of the Covid-19 pandemic that led to an economic slowdown”.
She said, the campaign is part of Ecobank’s larger initiative to promote financial inclusion and provide access to affordable financial services to individuals and businesses.
Beyond a School Competition: How the Stanbic National Schools Championship is Shaping Uganda’s Economic Future“As a parent, I know how expensive it can be to send children to school. Ecobank’s Edusave contribution program targeting personal loans is a welcome relief since it will help us parents easily cater for our children’s education,” remarked Namaganda Suzan, a mother of three.
The Edusave Loan, allows parents to borrow up to USD 75,000 (UGX 280 million) in personal loan tenor with a repayment period of up to 60 months. Borrowers also qualify for an automatic salary advance of up to 50% net pay for up to 30 days, and same-day loan processing for new loans and buy-offs. 1% of the loan applied for is paid into an Edusave insurance policy for the child.
About Ecobank Uganda Limited
Ecobank Uganda is a subsidiary of Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group headquartered in Lomé, Togo. Ecobank Group operates in 35 countries in Africa in addition to local representative offices in Addis Ababa, Ethiopia and Johannesburg, South Africa. Ecobank Group also has a banking license in France and international offices in Beijing, China; London, UK; and Dubai, the United Arab Emirates. Ecobank began its operations in Uganda in 2019 and has ten branches located in Kampala, Entebbe, Mbarara & Jinja and a service centre in Kireka.. As part of its digital strategy, the Bank has 27 ATMs across the country with over 170 personnel and over 400 Xpress Points (agency banking points) serving customers through its Consumer and Commercial banking, SME and treasury business divisions.
