I&M Bank Uganda Launches Three-Month Festive Loan Repayment Holiday

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I&M Bank Uganda has launched Nyumirwa Break Time, an initiative that will offer retail loan customers a three-month repayment holiday from December 1, 2024, to February 28, 2025. The initiative aims to provide financial relief during the high-spending festive and back-to-school seasons.

The announcement was made at the bank’s headquarters, where CEO Robin Bairstow, Executive Director and Chief Operations Officer Sam Ntulume, and Chief Business Officer Gibson Nangono led the unveiling of the program.

CEO Robin Bairstow highlighted the campaign’s purpose, emphasizing the bank’s commitment to supporting customers during one of the most financially challenging times of the year.

“I&M Bank is committed to supporting its customers during these challenging times by offering a loan repayment holiday. This initiative will provide our customers with the financial relief they need to navigate the festive season and the back-to-school period with greater ease.” Bairstow said.

The Nyumirwa Break Time campaign is available to both new and existing customers. Customers can apply for loans, request top-ups, or maintain their current loans under the bank’s existing debt service ratio requirements, with standard interest rates applied.

Gibson Nangono, Chief Business Officer, underlined the bank’s customer-first approach. “At the heart of everything we do, our customers are always our top priority. We are committed to being the bank that supports you, helps you grow, and is always on your side.” Nangono said.

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Annette Nakiyaga, Head of Marketing and Corporate Communications, explained that the repayment holiday allows customers to free up liquidity during a crucial period.

“We believe this campaign will enable our clients to achieve their objectives in a relaxed, stress-free, and planned manner. The loan repayment holiday offers financial relief and allows them to better manage their finances during the festive season and beyond.” Nakiyaga noted.

The Nyumirwa Break Time campaign maintains standard loan terms, with eligibility based on the bank’s debt service ratio criteria. Customers who qualify can pause repayments during the holiday period, gaining more disposable income to cater to holiday expenses, travel, shopping, or relaxation.