Students at Makerere University can now acquire brand new laptops with ease, thanks to a new financing scheme reached between Stanbic Bank and Makerere University management.
The scheme was unveiled to the students’ community today, during a press conference held in the Freedom Square and will provide student financing for the purchase of laptops to enable learners carry out their research projects and other assignments.
Speaking at the financing scheme unveiling at the lender’s Makerere University branch, Stanbic Bank Uganda Chief Executive Anne Juuko said, “the pandemic has changed the way learning is delivered to students and we must adjust to this new normal. During lockdown, universities resorted to online teaching, but students didn’t have laptops to partake in digital classes through this scheme, Stanbic Bank is providing a future readiness solution.”
Ms. Juuko added that the scheme is part of the partnership recently signed between the bank and the university and will see Uganda’s largest financial services organization support the country’s leading institution of higher learning to deliver on its mandate, better.
“This initiative is also one way of walking the talk of our business purpose—Uganda is home, we drive her growth. When education services reopened after two years of inactivity, Stanbic was the only bank that waived all unpaid accumulated interest on loans owed by schools, up to December 2021; we shall continue to play this corporate leadership role,” she said.
Parents to apply for students
To benefit from the new scheme, students seeking to acquire financing for new laptops will have to do so through their parents or guardians by filling out a form obtainable at any Stanbic Bank branch across the country, according to Sam Mwogeza, the Executive Head— Consumer & High Net Worth products.
“We know that students don’t have steady incomes and parents are also recovering from the impact of the pandemic—the scheme is therefore designed to help parents with a steady source of revenue to apply and access the laptop financing on behalf of their learners,” said Mwogeza.
Mwogeza added that the scheme will be managed through FlexiPay—an all-in-one digital solution that allows customers who have downloaded the application, to make charge free payments efficiently with real time reconciliation and easy tracking.
“With the most affordable laptop priced at UGX2.1 million, one can now access a loan and pay UGX58,000 in monthly installments over a three-year period. Parents are allowed to do early repayment of the loan without being charged,” said Mwogeza.
Parents who are Stanbic Bank customers simply have to apply for an unsecured loan of up to UGX5million and once approved, the details of the student are sent to the contracted vendor who then delivers the laptop to the beneficiary.
Ugandan enterprises urged to explore regional oil and gas opportunitiesTo circumvent risks such as theft and damage, the bank will have all laptops purchased under the scheme, fully insured.
Talking about the scheme, Makerere University Vice Chancellor, Prof. Barnabas Nawangwe said Makerere has a population of 35, 000 students with potential to take advantage of this offering.
He urged the student leadership to sensitize the student community to take advantage of this unique offering.
“With the computer and with data, you are truly a global citizen, you can attend classes from any university,” Nawangwe said.
He said, Africa is on the move, mainly because of the large number of young and brilliant people.
“You are the cream of Africa because you are in the top University; the future of Africa is in your hands,” he said.
He added, “The world is moving and we are moving in what is called the information/digital era. You are either digital or stone age. We are not going to allow you to remain behind because we do not want Africa doomed. That is why I’m very happy with Stanbic Bank and especially the CEO for your vibrancy in addressing the issues that affect our country; this initiative that you have taken will ensure that the education system comes to life.”
The University’s Guild President, Shamim Nambassa, said, when the University was closed due to COVID-19, they kept asking themselves about the whereabouts of a laptop bank, but little did “we know that Stanbic Bank would bring us the laptop bank.”
Nambassa said, “Stanbic Bank, you have given the education system meaning with this offering. “It is now time to say that we the students are the cream of Africa in line with Makerere University’s 100 years’ celebration theme of building a transformed society.”
