I&M Bank Uganda Launches Short-Term Loan Facility for Salaried Customers
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I&M Bank Uganda has introduced Musaala Boost, a short-term loan facility targeted at salaried customers who receive their income through the bank. The loan enables eligible customers to access between UGX 250,000 and UGX 2 million, with repayment scheduled upon receipt of their next salary.
The Musaala Boost facility is designed to support individuals with immediate financial needs, offering fast access to credit at an affordable interest rate of 2 percent per month. To qualify for the Musaala Boost loan, applicants must have a net monthly income of UGX 500,000 or more and must receive their salary through an I&M Bank account.
Robin Bairstow, Chief Executive Officer at I&M Bank Uganda, said the launch of Musaala Boost is part of the bank’s commitment to expanding access to inclusive financial solutions.
“As a customer-centric bank, we believe that salaried customers across various income levels deserve access to convenient financial support,” Bairstow said.
“Musaala Boost is our way of bringing that belief to life. We are offering flexibility and ease, to both new entrants to the workforce and seasoned professionals alike.”
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According to the bank, the facility will help salaried individuals manage short-term financial obligations such as school fees, medical bills, emergency repairs, or daily living expenses, especially in times when cash flow is tight.
Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank Uganda, emphasized the product’s goal of enhancing liquidity for customers.
“This product is designed to provide quick and easy access to funds for short-term needs, helping our salaried customers manage immediate expenses, while also giving them the flexibility to handle other financial responsibilities, without added stress,” she noted.
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Customers who qualify can apply for the Musaala Boost loan at any I&M Bank Uganda branch. The bank has positioned the product to meet the needs of a growing working population that often faces cash flow challenges between pay cycles.
The facility adds to I&M Bank Uganda’s portfolio of personal banking solutions and is expected to appeal to a wide range of working professionals seeking fast, affordable credit tied directly to their payroll.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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