Ecobank Uganda has launched its Edusave loan contribution campaign as it seeks to ease the school fees burden faced by many parents across the country during the ongoing back-to-school season. .
The campaign’s goal is to provide parents and families with affordable, flexible, and convenient loan options to help them 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.
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.
Ecobank Uganda Managing Director, Grace Muliisa commented: “We feel that education is a right, not a privilege. Its importance cannot be overemphasized especially when it comes to shaping the future of our children. With such kind of 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 economic slowdown. She noted that access to Edusave contributions would greatly boost access to quality education’.
The campaign is part of Ecobank’s larger initiative to promote financial inclusion and provide access to affordable financial services to individuals and businesses.
“As a parent, I know how expensive it can be to send children to school,” said Namaganda Suzan, a mother of three. “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.”
Ecobank customers can get more than a loan with the Ecobank Personal Loan and start an Edusave policy for their children’s future with access up to USD 75,000 (UGX 280million), a 50% discount on arrangement fees, 1% paid to an Edusave policy, up to 60 months loan tenor, automatic qualification for a salary advance of up to 50% net pay for up to 30 days, and same-day loan processing for new loans and buy-offs.
