Savings and Credit Cooperative Organizations (SACCOs)from Ankole sub region have
commended Stanbic Bank for its commitment to empowering and skilling their members.
During an event held at Tuzza Hotel in Bushenyi district , over 100 sacco leaders gathered for a financial literacy training organized by Stanbic Bank under its Financial Fitness Academy.
The saccos hailed from districts of Rukungiri, Mitooma, Rubirizi, Sheema, Bushenyi and Buhweju.
Francis Karuhanga, the Stanbic Uganda Holdings Limited (SUHL), said the initiative is
part of the bank's move to ensure financial inclusion.
He added that saccos are a driving pillar of economic transformation because they
work as a link between the bank and the un-bankable Ugandan community which is over
8 million people.
"Through our disbursements, we have seen improvements in the members' household
incomes; increased numbers of children accessing education, increased farm yields through accessing agricultural loans and increased milk production for farmers under
their dairy cooperatives," Karuhanga said.
He noted that by fostering financial literacy and supporting local organizations, the bank directly to contribute to the overall economic empowerment of the region and the nation at large.
Bushenyi district local government chairperson Jafari Basajabalaba hailed the bank for being true to Ugandans.
"I would like to extend gratitude to Stanbic Bank for their commitment to empowering our community through education. Financial literacy is not just a skill; it is a vital tool that enables us to navigate our economic landscape with confidence," Basajabalaba said.
James Junguru, the Stanbic Bank Head of saccos unit affirmed the bank's commitment to extend to training the rest of the cooperative members .
"If you look at a region like Ankole, it's the area with the most performing saccos countrywide. In line with our noble bid of driving Uganda's economic growth, Stanbic
Bank disbursed shs101 billion to saccos last year alone. It is therefore our obligation as the leading financial institution to extend a clearer understanding of how to enhance their saccos' performance, ultimately benefiting their members and the broader community," Junguru said.
"We believe in building a sustainable financial ecosystem where every member has the opportunity to excel. Our focus on skilling and capacity building is driven by a vision of long-term that derives into growth and prosperity for all our stakeholders."
Paul Turyamureeba Kahigi, the Chairperson Board of Kyamuhunga People's SACCO expressed gratitude for the initiative, noting that the training has significantly impacted their ability to manage SACCOs more effectively.
"This training has opened our eyes to new possibilities. We are excited to implement what we have learned and to strive for excellence in our operations. However we request that you allocate us more financial experts to attend our events like Annual General Meetings and further speak to rest of our members. This would simplify our work, since it is easy to deal with a financially informed member,"Kahigi said.
He noted it would also help them during the process of loan recovery which only becomes an issue due to lack of financial literacy amongst some members.
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Kahigi further saluted the Stanbic for eliminating unnecessary bureaucracy.
"As Kyamuhunga People's SACCO, our partnership with Stanbic started with a loan of only shs 500 million, but right now I can comfortably inform you that we can borrow up to shs3.6 billion all unsecured and at only 10% interest rate. There is no other sector player offering a better and flexible offer like what Stanbic is offering us," Kahigi said.
Uganda boosts of 33000 saccos which include Parish Development Model (PDM) and Village Savings and Loans Associations (VSLAs).
The training by Stanbic Bank covered essential topics such as budgeting, savings strategies, investment opportunities, and effective loan management, equipping participants with the
knowledge to better serve their members.
