By ABCafrica reporter
Exim Bank Uganda has launched a 3- month bid guarantee campaign for Small and Medium Enterprises (SMEs) to allow them grow and expand their operations. The campaign dubbed ‘Chap Chap’ Bids was launched last Thursday at the bank’s offices located at Hannington Road in Kampala.
Joy Kimuda, Exim Bank Uganda’s Chief Relations Manager, said; the product has been designed for contractors, suppliers and traders in the Oil & Gas, Construction, Infrastructural Development, Transport and Agriculture sectors along with Real Estate Developers and NGOs. She says; the Chap Chap bids require no security, no commission and can be processed in 2 hours, adding that the bid guarantee will not exceed Shs1bn capital value.
“Chap Chap bid bonds campaign has no security or commission involved; we are trying to save Ugandans from spending and help them quicken the process by issuing the necessary document in 2 hours for customers and 24 hours for non customers,” Kimuda said. She explained that the Chap Chap bids will end after three months and thereafter, they will figure out what is next. She in addition said; the bank will provide bid bonds guarantees ranging from Shs50m to Shs200m, with the only requirement being arrangement fees of Shs100, 000.
“The bank client will contribute only 20 per cent and the non customer will contribute 25 per cent of the bid guarantee, of the required amount and if the bid expires, we refund the money” she explained. Exim bank is focusing on strengthening the brand in Uganda’s competitive banking sector.