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Leaders from various Savings and Credit Cooperative Organizations (SACCOs) have commended Stanbic Bank for its commitment to empowering and skilling members of the SACCO community.
The event held at Tuzza Hotel in Bushenyi brought together over 100 leaders from across the West Ankole Region, who gathered for a financial literacy training organized by Stanbic Bank under its Financial Fitness Academy arm.
The SACCOs present were from districts of Rukungiri, Mitooma, Rubirizi, Sheema, Bushenyi and Buhweju.
Turyamureeba Paul Kahigi, the Chairperson Board of Kyamuhunga People’s SACCO expressed his 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 the rest of our members. This would simplify our work, since it’s easy to deal with a financially informed member,” Kahigi said.
He said 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.
Kahigi further saluted the Stanbic for eliminating unnecessary bureaucracy, because some financial institutions would take close to six months in making a decision for a mere SACCO loan application.
“As Kyamuhunga People’s SACCO, our partnership with Stanbic started with a loan of only UGX 500 million, but right now I can comfortably inform you that we can borrow up to UGX 3.6 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.
Francis Karuhanga, the Stanbic Uganda Holdings Limited (SUHL), said the initiative is part of Stanbic Bank’s purpose, Uganda is our home, we drive her growth and also perfectly aligns in the National development plan of financial inclusion.
He added that SACCO are a driving pillar of economic transformation because they work as 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 adding 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 for standing for the test of time and being true to Ugandans.
“I would like to extend my heartfelt 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 so that the important information doesn’t stop at only the leadership stage.
“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 UGX101 billion to savings and cooperatives organisations (SACCOs) last year alone. It’s 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.
Junguru added, “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 long-term vision that derives into growth and prosperity for all our stakeholders”.
Uganda boasts of 33000 SACCO groups which include Parish Development Model (PDM) and Village Savings and Loans Associations (VSLAs).
The latest SACCO training was held at Mountains of the Moon Hotel in Fort portal City and this brought together 120 leaders from districts that make up the Rwenzori Sub region. These include Kabarole, Kamwenge, Ntoroko, Bunyangabu, Bundibugyo and Kasese.
According to Ivan Tuhumwire, the head of Stanbic Financial Fitness Academy, this initiative will be traversing the entire country before the end of this year.
This training covered essential topics such as budgeting, savings strategies, investment opportunities, and effective loan management, equipping participants with the knowledge to better serve their members.