At least 200 lucky parents stand a chance to win cash prizes worth UGX 100 million when they pay school fees for their children through FlexiPay or Stanbic Bank agent banking channels, courtesy of a six-week back to school cashback promotion aimed at supporting guardians return their kids to school.
The back-to-school promo also allows salaried parents to access up to UGX 250 million in advances to pay school fees for their children. To stand a chance of winning UGX 500, 000 in cashbacks, parents must pay school fees through agents or FlexiPay.
For school owners, they can apply for an unsecured school bridge Finance Loan of up to UGX 500 million or allow for 100 percent collection of the school fees through Stanbic and enjoy free comprehensive insurance cover.
Mr. Sam Mwogeza, Stanbic Bank Uganda’s Executive Head of Personal and Private Banking, said the campaign is a timely intervention for its personal banking clients grappling with the challenge of finding resources to return children back to school.
“We acknowledge that behind the over 15 million learners who must return to school this week, there is a parent stressed about school fees during what we know to be a challenging economic environment. Through this promotion, we are offering parents and guardians an opportunity to access cash advances of up to UGX 250 million, to get them through this season,” said Mwogeza.
Mwogeza explains that the salary loan come with up to 75 days initial repayment holiday and a long repayment tenure of up to 84 months as well as access to medical cover worth up to UGX 18 million for as low as UGX600,000.
The offer also includes a one-year option for a hospital cash cover worth UGX 1.5 million for a monthly premium investment of as low as UGX 2,500.
Emma Mugisha, Stanbic Bank Uganda’s Executive Director, and Head of Business and Commercial Banking, said the bank’s school owning clients can also take advantage of the promo to secure affordable credit to finance operations.
“We know that many parents are unable to pay the full tuition at the start of the term. Our back-to-school promotion allows school owners and administrators to access up to UGX 500 million in unsecured credit and manage any cashflow constraints at the start of the term,” said Mugisha.
Millions in cashbacks
Parents and guardians who pay school fees using FlexiPay or through a Stanbic Agent over the next six weeks will automatically be included in weekly draws where they stand a chance to be picked among the 200 lucky winners to win UGX 100m in cashbacks.
Eight winners per region will be drawn weekly and announced on selected radio stations with each walking away with up to UGX 500, 000.
Both school administrators and parents will be exempted from arrangement fees, meaning that applicants will receive the full amount of the loan applied for, according to Mugisha.