4th April 2018
By; Ben Musanje
The largest indigenous commercial bank in the country Centenary Bank has launched a new digital service which will enable its client’s access small loans via mobile phones.
The service dubbed “Cente Mobile Loan” developed by Craft Silicon will benefit Centenary Bank customers subscribed to the Cente Mobile platform and also use smart phones.
The Managing Director Centenary Bank Fabian Kasi says this service mainly targets people with emergencies and those staying far from the Bank’s branches in case of need for instant loans ranging from 5,000 shillings up to a maximum of 2 million shillings.
This was during the launch of the service at Mapeera house in Kampala today morning where he added that though it is launched, there is still a challenge of convincing all the bank’s 700,000 customers to adopt this service since most of them mostly in rural areas have smart phones.
The Centenary Bank Manager in charge of Digital Credit, Robert Chanwat explains the procedures of accessing the loan on Cente Mobile Loan to cater for needs like paying school fees, purchase of goods and services, meeting medical bills, buying fuel among other needs.
The load is payable within 30 days from the day of disbursement, at a low interest rate and customers do not need to worry about security in order to borrow, since credit scoring shall be based on their credit history and banking activity.
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