Centenary Bank launches eMobile loans service

Kampala based Centenary Bank has partnered with Craft Silicon to promote e-Mobile loans service, on the Cent eMobile banking platform.

The service, officially rolled out to customers on Wednesday is an innovative loan product; tailor made for low income earners who desire convenient and self-service options; through which they can access micro loans for emergencies.

Through the Cent eMobile Loans; a self-service opt in product, customers registered on Cent eMobile shall be in position to borrow instant loans; from as low as Ushs 5,000 up to a maximum of Ushs 2 million.

According to centenary bank MD, Fabian Kasi; the loans are meant to carter for their customer’s emergency needs; like paying school fees, purchase of goods and services, paying medical bills and buying fuel among others.

“Customers shall access the service anytime, anywhere using their mobile phones; and there is no need to pay loan application and processing fees”, he said, while launching the service.

Kasi added:

“We serve over 1.4 million customers, majority of who are low income earners located in the rural areas. This service has been designed to enable customers; to access small instant loans conveniently; by using mobile phones wherever they are, without the need to visit a branch.”

The cent eMobile banking platform has undergone several enhancements since its launch in 2012 in partnership with Craft Silicon, with the addition of bill payments, push and pull, school fees payment and Inter-Bank transfer service options to meet the changing needs of customers.

Mr. Kamal Budhabhatti, chief executive officer, Craft Silicon in his address to the media during the launch, said: “Data is the new oil and for cent eMobile Loans, we use data and artificial intelligence to give safe and secure lending to Ugandans”.