Equity Bank Uganda has introduced a new loan product called Eazzy Stock Financing, specifically targeting distributors and suppliers. This digital lending product is collateral-free and designed to provide swift and convenient funds for Banking and Mobile Money Agents, Dealers, and Distributors to purchase floats as needed.
The purpose of Eazzy Stock Financing, according to the bank, is to empower businesses by unlocking the value of their goods and providing them with essential capital for growth and expansion. Anthony Kituuka, the Managing Director of Equity Bank Uganda, stated that this product was developed in response to the needs of customers.
“We are offering our customers a powerful tool to unlock the potential of their inventory and achieve their business objectives,” said Kituuka. He emphasized that Eazzy Stock Financing eliminates the need for collateral, making it accessible to a wider range of customers.
The product was developed towards the end of the Covid-19 pandemic to support business recovery efforts. It provides businesses with quick and efficient access to funds, enabling them to navigate operational expenses, invest in growth initiatives, and capitalize on emerging market opportunities. The advantages of Eazzy Stock Financing include no security requirements, a hassle-free application process, minimal documentation, customized credit limits, rapid fund disbursement, and flexible repayment options.
Eazzy Stock Financing caters to agents, distributors, stockists, and retailers who sell products or services from an Anchor or Manufacturer. It allows these categories of businesses to access working capital conveniently as and when required.
During a panel discussion moderated by Augustine Bahemuka, an Equity Bank representative, Patricia Nduga, an Equity Bank customer, shared her positive experience with Eazzy Stock Financing. Nduga noted that thanks to the loan product, she was able to expand her business from three shops with eight staff members to 440 agents and over 35 staff members.
Fred Kato, the Sector Head of SME at Equity Bank, explained the rationale behind the product, stating, “The bank has money, and the distributors have a market. However, some lack security for loans, and that is how we came up with Eazzy Stock Financing—a collateral-free digital lending product.”
With the introduction of Eazzy Stock Financing, Equity Bank aims to provide distributors and suppliers in Uganda with a valuable tool to fuel their business growth, overcome financial barriers, and contribute to the overall development of the market.
