Uganda: Stanbic Issues New Credit Cards
13 May 2008
STANBIC Bank has issued 1,600 credit cards to their high-end customers. "We embarked on issuance of credit cards at the beginning of May and have so far approved 1,600 customers as eligible to hold these cards," Sydney Mpipi, the chief operations officer, said.
He said customers take up the facility on which a limited cash withdrawal is made basing on the account holder's income and activity on their account.
Credit cards allow a bank customer to withdraw funds above what they hold in their accounts. But the money is later recovered.
A fixed interest on the withdrawn money is charged. Mpipi said the move was aimed at satisfying clients, who he said had become sophisticated.
He said this had necessitated the introduction of new products to retain customers.
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