Ankole SACCOs laud Stanbic Bank for financial literacy initiatives

BUSHENYI, October 3, 2024 – Savings and Credit Cooperative Organisations [SACCOs] in the Ankole Sub-region have commended Stanbic Bank Uganda for its financial literacy sessions, emphasising that the knowledge gained has significantly improved their financial performance and, consequently, the welfare of their members.

During a recent session held at Tuzza Hotel in Bushenyi district, 112 SACCO leaders were equipped with essential skills to help them manage their businesses profitably while prioritising their members’ interests.

The training, part of the bank’s Financial Fitness Academy, brought together over 100 SACCO leaders from Rukungiri, Rubirizi, Sheema, Buhweju, Bushenyi, and Mitooma districts.

Stanbic Bank’s Chief Executive Officer, Francis Karuhanga, highlighted the bank’s mission of financial inclusion, recognising SACCOs as key drivers of economic transformation, especially among the unbanked population of over eight million Ugandans.

“Through our disbursements, we’ve seen improvements in household incomes, greater access to education, higher farm yields from agricultural loans, and increased milk production through dairy cooperatives,” Karuhanga noted.

James Junguru, Head of the SACCOs Unit at the bank, reaffirmed the bank’s commitment to expanding training opportunities for cooperative members. “Our focus on skills development and capacity building is driven by a long-term vision for growth and prosperity for all our stakeholders,” Junguru explained.

Bushenyi District Chairperson Jafari Basajabalaba praised Stanbic Bank for its dedication to financial education in Uganda. “Financial literacy is not just a skill; it’s a vital tool that enables us to navigate our economic landscape with confidence,” Basajabalaba stated.

SACCO leaders in the Ankole region expressed their appreciation for the training, particularly in light of the challenges facing the financial sector. Paul Turyamureeba, Chairperson of Kyamuhunga People’s SACCO in Bushenyi district , emphasised the training’s critical impact on improving SACCO management.

He also commended Stanbic Bank for streamlining processes, noting that their partnership began with a loan of Shs 500 million, which has since expanded to Shs 3.6 billion at a competitive interest rate of 10 percent.

Proper financial management is essential for the sustainability and growth of a SACCO. Therefore, participants explored key financial management aspects such as  capitalisation, budgeting, loan portfolio management, savings mobilisation, investment strategies, and risk management.

https://thecooperator.news/stanbic-reports-3-8-percent-increase-in-total-assets/

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