Centenary Bank, the leading commercial microfinance bank in Uganda, and StarTimes, Africa’s largest pay TV company, have today signed a partnership that will see the bank’s customers acquire affordable StarTimes high quality digital TV sets and accessories under an Asset Financing Loan Scheme.
Customers will be able to secure loans from as low as Shs. 100,000, payable within a period of six (6) months under this partnership with StarTimes.
Mr Fabian Kasi, the managing director, Centenary Bank, said, “We are delighted to be working with Star Times, a leading pay TV in the market because we share a common goal of improving the livelihood of the customers we serve. We believe this partnership will contribute towards the growth of our business.”
Adding, “The product will provide a platform that will enable the over 1.4 million customers we serve through our 69 branches spread across the country to acquire LED Digital TVs at an affordable fee through favourable terms payment.
Kasi said, “the move also compliments the government of Uganda’s Digital Migration Policy for TV Broadcasting, formulated in 2011 that seeks to stir the country’s shift from analogue broadcasting to digital technologies. This change on the whole is driven by digitization which has led to convergence of technologies.
Under the arrangement, once the customer has been approved for a loan at a Centenary Bank branch, they will be required to pay an upfront of 25% of the cost of the TV they wish to purchase.
According to Mr Andy Wang, the chief executive officer, Star Times has a variety of TV sets ranging from 24 inch, 32 inch and 40 inch LED TV which come along with inbuilt decoders both Satellite and antenna.
“With this partnership, StarTimes will be able to acquire its prime objective of providing affordable digital pay TV services to Ugandan households; because with this kind of loan scheme provided by Centenary Bank, many will be able to afford the LED TVs hence enjoy quality entertainment”, explained Wang.
This loan scheme will be available and processed at Centenary bank and StarTimes will avail the product as soon as possible and also provide after sales services where need arises.
Different models of digital TVs will be available for customers who will be interested in the loan, depending on their lifestyle and needs. The TVs will have in-built StarTimes Decoder that receives both Terrestrial and Satellite signal with a one-year warranty.
For now, the product will only be available at Centenary Bank branches in Gulu, Fort Portal, Mbarara, Jinja, Mbale, Masaka and Kampala.