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FINCA Uganda restructures loan repayment period for its clients

By Nicholas Kajoba

Added 11th May 2020 12:38 PM

“With the difficulties of repaying loans during this Covid-19 lockdown, we are offering our customers a chance to restructure, refinance and reschedule loans,” said Onyutta.

FINCA Uganda restructures loan repayment period for its clients

Onyutta speaking to the press in Kampala. PHOTOS: Nicholas Kajoba

“With the difficulties of repaying loans during this Covid-19 lockdown, we are offering our customers a chance to restructure, refinance and reschedule loans,” said Onyutta.

FINCA Uganda, a microfinance institution has offered customers a new lease of life by restructuring loans for nine months, James Onyutta, the managing director said at a press briefing in Kampala as he released the institution's 2019 financial year results.

"With the difficulties of repaying loans during this Covid-19 lockdown, we are offering our customers a chance to restructure, refinance and reschedule loans," said Onyutta.

"All one needs is to apply through the branch manager to extend the terms or change the payment. They will help you immediately and ensure that your needs are catered for," he said.

According to the released statement, 2019-2020 financial year has been a success for FINCA Uganda. FINCA's profits after tax grew by 92.7% from sh3b to sh5.9b, while total assets grew by 21.2% from sh151.3b to sh183.5b.

Meanwhile, the net loans and advances have grown by 15.2% from sh98.3b to sh113.2b and customer deposits growing 15.2% from sh75.9b to sh87.4b.

 FINCA Uganda's managing director, James Onyutta (c), Executive director, FINCA, Robert Kakande and head of Marketing, Primrose Kobusingye receive sanitizers from Ariho Kamara of  Nomod advertising firm in Kampala. 

"Over the years, we focused on digitisation of our operations, diversification of services. We shall continue to build trust through the expertise of our employees," he said. The statement states that these focus areas have seen the company register improved financial performance in this year.

"We continue to enhance our customer experience with deployment of mobile banking solutions implementing of online banking, expansion of our local and international remittance services offering and diversification of our products offering leading to increased credit demand in key sectors," Onyutta said.

Meanwhile, Robert Kakande, FINCA's Uganda Executive director has advised people to wear masks in order to reduce the spread of COVID-19. He said that the institution has put in place more measures to ensure that customers who visit any of their branches, washes his hands or even wear protective masks.

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