By AMBROSE GAHENE
EFC Uganda Limited (MDI) – Uganda’s fastest-growing microfinance institution on Thursday rolled out a campaign dubbed: “SIMBULA LOANS NE EFC.’’ The campaign is focused on enhancing the institution’s commitment of contributing to Uganda’s development and economic stability through key drivers like financial inclusion.
The country’s economic sector was heavily threatened by Covid – 19, a global pandemic. Businesses have struggled for the past 1.5 years and livelihoods have been constrained hence the urgent need for financial institutions to come up with favorable recovery solutions. Through products like Simbula loans ne EFC that are designed to provide quick and affordable loans, it is unquestionable that economic recovery will be more rapid than anticipated.
The Simbula loans ne EFC Campaign offers Business loans, Home improvement loans and Women Market Trader loans is introduced at such a great time when the financial sector is gathering pace to recovery.
While officially launching the Simbula loans ne EFC campaign, Mr. Shem Kakembo, the Managing Director of EFC Uganda emphasized that: “EFC Uganda is excited to provide easy access to borrowing at very affordable lending rates.’’
He added that: “While on the journey to becoming the largest and most preferred SME financial institution in Uganda by 2025, one of EFC Uganda ‘s key areas of focus is providing awesome customer experience.”
Eligibility to loan customers requires that; a customer or prospect must be an entrepreneur or merchant, must be of age of majority, have at least six months of experience in the same business, demonstrate capability of operating a profitable business and must have collateral like business equipment, vehicle, house or land.
The minimum loan amount offered is five million Uganda shillings (5,000,000UGX) with a maximum repayment period of up to sixty (60) months.
The “Simbula loans ne EFC campaign” is targeting to extend loans close to UGX 13.5 Billion and will run for three months across all the EFC branches country-wide. Eligible Ugandans specifically Entrepreneurs, Homeowners, and all Women in business are encouraged to embrace the opportunity.