The impact of covid-19 on the Ugandan economy is significant, creating both economic disruptions and financing imbalances.
Our role is to be an enabler to recovery, dfcu Bank has announced an initiative to support its customers with repayment of loans.
Phillipa Nanyondo Byamah, Senior Manager -Special Asset Management, Credit at dfcu, says ‘ ‘With this initiative, we are offering waivers on interest to our long-standing customers who have loans with us, to help ease the process of repayment and enable them to clear their outstanding debts.’’
She adds: we recognize the challenges that our customers have faced, starting with the outbreak of the pandemic last year.
The concessions are offering specifically cut down on loan interest amounts, allowing borrowers to get out of debt faster and in a less strenuous manner.
Additionally, clearing these payments allows customers to acquire full clearance from dfcu Bank which aids in clearing of their Credit Reference Bureau records (CRB).
The offer will runs for three months starting in October up to end of year, targets customers whose debts extend beyond 455 days past their due dates. It also targets customers who have Unsecured Loans.
Customers who take up this initiative will be enabled to clear up their debts faster than they would have.
Mrs. Nanyondo says with a waiver from the bank, repayment becomes easier, and the pressure is taken off the customers.
‘‘We believe that at a time when a number of people are struggling financially, being able to spend less even in loan repayment is a welcome intervention. Firstly, customers can express interest in writing, via email or even by visiting any of our branches countrywide. Our teams will then work out the outstanding debt and importantly, be able to show the customer how much will be waived off by the Bank and the amount that will be subject to repayment. Customers who will be making lump sum payments will consequently receive a better/higher waiver than customers who choose to make multiple payments over a longer period of time.’’
In line with the guidelines issued by the Bank of Uganda, dfcu has assisted customers in getting moratoriums on their loans – a process that we started last year.
Many customers who were eligible for this took on restructures and received significant relief for their loans’ repayment.
The Bank has also restructured the loan facilities of many clients, giving them room to make phased payments that matched their new financial positions.