Equity Bank Uganda has launched the “Eazzy Stock Financing” loan product specially designed for distributors and suppliers.
This is a collateral-free Digital Lending Product created for Banking and Mobile Money Agents, Dealers and Distributors to obtain funds for purchasing float swiftly and conveniently as needed.
According to the bank, Easy Stock is a digital credit product designed to empower businesses by providing them with the opportunity to unlock the value of their goods and access much-needed capital for growth and expansion.
Speaking at the launch held at Sheraton Hotel in Kampala on Thursday, Equity Bank Uganda Managing Director, Anthony Kituuka, said, “Equity was responding to a need with this product. We are offering our customers a powerful tool to unlock the potential of their inventory and achieve their business objectives.”
Kituuka revealed that Equity Bank developed Eazzy Stock Financing towards the end of the Covid-19 pandemic to support business recovery better.
“This product is to transform the lives of our distributors. You don’t need collateral to access this product,” he noted.
He said by providing quick and efficient access to funds, Eazzy Stock Financing empowers businesses to navigate operational expenses, invest in growth initiatives and capitalize on emerging market opportunities.
The advantages of getting Eazzy Stock Financing include; no security required, hassle-free, minimal documentation, customized credit limits, rapid access to funds and flexible repayment options.
Agents, distributors, stockists or retailers who are onward sellers of products or services of an Anchor or Manufacturer. It allows these categories to access funds for working capital conveniently as and when required.
Patricia Nduga, an Equity Bank customer, encouraged people in the food chain businesses who do not have enough capital to embrace the new product in order to expand their businesses.
She was speaking during a panel discussion moderated by Equity Bank’s Augustine Bahemuka and attended by Equity Bank’s Sector Head of SME, Fred Kato and Stephen Ssebugwawo, KACITA deputy chair.
Sharing her Eazzy Stock Financing experience, Nduga noted that with the loan product, she has expanded from (3 shops with 8 staff) to (440 agents and over 35 staff).
Fred Kato, Sector Head of SME, said, “The bank has money and the distributors have a market. However, some lack security for loans and that is how we came up with Eazzy Stock Financing – a collateral-free Digital Lending Product.”
