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Equity Bank Uganda has been recognised and awarded for promoting financial education and inclusion by the Uganda Financial Literacy Association (UFLA), an umbrella body which unites stakeholders in the financial literacy field.
The recognition of Equity’s contribution to advancing the national financial literacy agenda was made at the UFLA first anniversary celebration at Kampala Serena Hotel.
Speaking at the event, Equity Bank Executive Director Elizabeth Mwerinde Kasedde said the Bank has been, and [is] dedicated to offering integrated financial services that socially and economically empower consumers, businesses, and communities.
“Equity Bank targets the unbanked, financially excluded such as women, youth and refugees, and so far we have covered up to 67 percent rural and 32 percent urban.
The bank has in the last two years trained 126,107 youth, women, and refugees in financial literacy and entrepreneurship education, of which 58 percent are female, 77 percent are youth and 30 percent are refugees.
According to Mwerinde, the impact of financial literacy and entrepreneurship education has been enormous. “We have witnessed increased access to affordable unsecured credit. Up to UGX 89 billion has been disbursed in the last three years including the Covid-19 period.
The bank has also created 99,000 jobs and expanded 6,420 Micro enterprises from micro-level (Capital size below UGX 10 million) to small size (capital size above UGX 10 million) and has improved longevity of the enterprises with up to 82% of the enterprises in operation for over 12 months.
Since the start of the Bank’s effort in promoting financial inclusion in 2019, 87% of the unbanked have reported improved livelihood and more individuals are joining village Sacco’s and associations “because there is more opportunity to access formal financial services cheaply,” said, Mwerinde.
“We are honored to receive this award. We believe that empowering individuals with financial knowledge is essential for fostering economic growth and improving livelihoods,” Mwerinde said on receiving the award.
The recognition also reaffirms the bank’s commitment to ensuring that people have the opportunity to achieve financial independence and security.
Daniel Ayebare, Board Chairman of the Uganda Financial Literacy Association, emphasized during the inaugural anniversary and strategic plan launch that financial literacy significantly contributes to promoting economic stability and growth on a larger scale.
Equity’s Financial Literacy trainer Phillip Kiryowa was also honoured with the Financial Literacy Trainer Award.
The event brought together key players and dignitaries in the financial sector, including the Bank of Uganda, the Ministry of Finance, Bank Executives, the Uganda Bankers Institute and members of UFLA.
The theme for the event, “Leveraging Financial Literacy for Uganda’s Social Economic Development,” aligns directly with Equity’s vision and mission to champion the socio-economic prosperity of the people of Africa.