Stanbic Bank has pledged to increase support for Savings and Credit Cooperative Societies (SACCOs) across the country, in a bid to foster financial inclusion and economic growth in Uganda
This comment was made by Sam Fredrick Mwogeza, the bank’s Executive Director during the 2nd National Microfinance and Savings Groups Conference at Hotel African, in Kampala.
Mwogeza emphasized the importance of SACCOs in providing financial services to grassroots communities and driving economic development, a move that perfectly aligns with the Bank’s Purpose; ‘Uganda is Home, We Drive her growth’.
“We started this journey way back when we realized that small business holders face a big challenge of accessing finance. In a move to solve this problem, the bank came up with an initiative called the Economic Enterprise Research Fund, to pull together resources that would be able to support SMEs to access funding at the lowest possible rate, which 10% at that time. I’m glad to note that since then, the Stanbic Bank has disbursed UGX101 billion to savings and cooperatives organizations (SACCOs) across the country. Mwogeza said.
He added, “We recognize the vital role that SACCOs play in uplifting communities and empowering individuals economically. By partnering and supporting SACCOs, we can extend financial services to more Ugandans and contribute to the country’s overall economic growth.”
Mwogeza further announced that Stanbic Bank would be launching a series of initiatives aimed at enhancing the capacity of SACCOs, including providing training and technical assistance, offering financial literacy programs, and facilitating access to digital banking solutions. These efforts are designed to strengthen the financial management skills of SACCO members and improve their overall operational efficiency.
The announcement was met with enthusiasm from representatives of various SACCOs in attendance, who expressed their appreciation for Stanbic Bank’s commitment to supporting their organizations.
As Uganda continues to strive for sustainable economic development and financial inclusion, partnerships between commercial banks like Stanbic and grassroots financial institutions such as SACCOs are crucial.
