Stanbic Bank has entered into an agreement with the Ministry of Health to provide low-interest loans to government health employees around the country.
The loans vary from personal unsecured salary loans to secured loans, mortgages, automobile and asset finance loans, according to Anne Juuko, Stanbic Bank’s chief executive officer.
She delivered the statements at a partnership launch event held at the Ministry of Health’s Kampala headquarters.
She explained that government employees in the health care field will be able to obtain a regular bank account with no monthly fees.
Workers with existing and various bank accounts, on the other hand, will be able to switch to the daily bank account at no cost, according to her.
According to Juuko, the bank’s prime lending rate minus 0.5 percent, or 15.5 percent p.a. on declining balance, will be applied to all government health personnel.
The bank’s prime lending rate is now set at 16 percent, but it may alter depending on market conditions.
This rate will apply to all health professionals who want to add to their existing loans, as well as new clients and health workers who want to take up new loans or transfer their existing loans to Stanbic bank.
Employees of the Ministry of Health, employees employed as government medical/health workers, and employees who have been assigned to a health facility as their duty station are all eligible for the loans.
Given the ongoing impact of the Covid-19 pandemic, the bank will also provide hospitalization support for health personnel who may be hospitalised with the sickness through a credible insurance provider.
A daily allowance of up to Shs 200,000 each night will be available for a period of 20 nights, but this offer will only be available until the end of December 2021.
In the tragic event of the health worker’s death, the next of kin will get a funeral cash benefit of up to Shs 2 million to assist with funeral arrangements.
This new proposal, according to Juuko, is in accordance with the bank’s aim to serve Ugandans by assisting those who have been disproportionately affected by the coronavirus outbreak.
Dr. Diana Atwine, the Permanent Secretary for the Ministry of Health, praised the bank for putting together these subsidized financial offers for health workers who, she said, had worked relentlessly to save lives during the pandemic.