Ministry Of Health, Stanbic Bank Sign Partnership To Offer Low Interest Loans To Health Workers

Ministry Of Health, Stanbic Bank Sign Partnership To Offer Low Interest Loans To Health Workers

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By Spy Uganda

The Ministry of Health has signed a partnership with Stanbic Bank Uganda to offer a range of low-interest loans to Government health workers across the country.

The partnership was signed by Stanbic Bank Uganda’s MD, Anne Jjuko and Permanent Secretary Diana Atwine at the MOH Headquarters today.

According to the partnership, the loans offered range from personal unsecured salary loans, secured loans, mortgages to vehicle and asset financing loans. However, Government health workers will be entitled to open an everyday banking account that attracts no monthly charges.

People who qualify for the loans include employees of the Ministry of Health; employees employed as Government medical/health workers and those employees who have been posted and have reported to a health facility as their duty station.

Another benefit for the health workers from the partnership includes financial literacy training and advisory through the Stanbic Bank Incubator. They will undergo customized programmes structured to support their financial journey and achieving financial freedom.

Speaking at the signing ceremony, PS Diana Atwine said these affordable loans will make a lot of change in the lives of the health workers and their families.

The development comes few days after Famers under their umbrella organization of Uganda National Farmers Federation (UNFFE), the largest private sector, farmer-based NGO in Uganda and one of the largest in East and Central Africa, announced plans to start up their own bank as a mechanism of overcoming the huge interest rates on commercial bank loans.

“if you look at different loan packages offered by commercial banks to farmers, you realise that most of the loans are not favourable. Besides charging high-interest rates, the loans carry a short term payment period,” noted Organization’s Chief Executive Officer, Mr.Kenneth Katungisa before adding;

“We strongly believe farmers’ bank will solve our problems and lend us loans at the lower interest rates.”

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