Issued by: WMC Africa
At least 200 lucky parents stand a chance to win cash prizes worth Shs100 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 Shs250mn in advances to pay school fees for their children. To stand a chance of winning Shs500, 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 Shs500mn 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 15mn 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,” Mr Mwogeza said.
“Through this promotion, we are offering parents and guardians an opportunity to access cash advances of up to Shs250mn, to get them through this season.”
Mr Mwogeza added that the salary loan comes 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 Shs18mn for as low as Shs600,000.
The offer also includes a one-year option for hospital cash cover worth Shs1.5mn for a monthly premium investment of as low as Shs2,500.
Emma Mugisha, Stanbic Bank Uganda’s executive director and head of business and commercial banking, said its clients who own schools 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 Shs500mn in unsecured credit and manage any cashflow constraints at the start of the term,” said Mr Mugisha.
Millions in cashbacks
Parents and guardians who make school fee payments using FlexiPay or through a Stanbic Agent over the next six weeks will automatically be entered into weekly draws for a chance to win one of the 200 cashback prizes worth Shs100m in total.
Each week, eight winners from each region will be randomly selected and announced on selected radio stations. Each winner will receive up to Shs500,000 in cash.
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 Mr Mugisha.
