Absa Bank Signs MoU with Kyambogo University to Fund Acquisition of Laptops for Students

Absa bank Uganda has on 18th May 2022, signed a Memorandum of Understanding(M.O.U) with Kyambogo University to facilitate the students and staff of the university to acquire laptops and other related accessoriess on Loan installment basis.

“Despite the strong benefits of Digital learning , the cost of acquisition of enabling tools like laptop reamins a barrier in Uganda through this arrangement, we provide a solution that brings flexibility for laptop ownership, removing bartriers and offering affordable financing of upto ugx 5 million to enable sudents acquire laptops, said Mumba Kalifungwa , Managing Director Absa Bank Uganda.

The loans will have a maximum tenure of 36 months depending on the students remaining study duration, the purpose of the loan will be strictly to purchase laptops and the funds will be disbursed directly to the supplier who will provide the laptops warranty and other after sales services.

Speaking at the M.O.U signing, the University Vice Chancellor Professor Eli Katunguka said this arrangement was key to the university to facilitate E- leaning.

The adoption of E- learning has been accerelated by the onset of the covid 19 pandemic, which resulted into the closure of education institutions for a long time .

According to the 2019/20 Uganda National Household survey , the proportion of the population that owns a computer or laptop is only two percent according , with 50 percent noting the high cost of digital gadgets as a barrier to access .

“Our role is to support government efforts towards ensuring the availability of a well trained and skilled work force on todays increasingly digital world, its important to prepare our students for the world of work where they will need to use digital tools and platforms,” Professor Katunguka added.

Under the arrangement, all laptops acquired will be insured against theft and applicants will receive favourable repayment terms.

“Absa Bank Uganda Leverages its digitally-forward purpose by investing in technology platforms that support the improved delivery of social services. Education and skills develpment in particular, is a key focus for the bank, which is why we have continued to support youth access to education through our scholarship programme,” Kalifungwa Concluded.