Stanbic Bank to launch finance and capacity building programme for Saccos
KAMPALA-Stanbic Bank Uganda will on Friday 27, 2022 launch the Stanbic Bank Sacco Finance and Capacity Building Programme at Kaunda Grounds in Gulu City.
According to Anne Juuko, Chief Executive-Stanbic Bank Uganda, the event will be attended by Stanbic Management, development partners, local government officials.
Gen (Rtd.) Caleb Akandwanaho, the Chief Coordinator, Operation Wealth Creation is expected to grace the event as Guest of Honour.
Representatives of Sacco groups from the different districts of Northern Uganda will share testimonies of success stories.
Juuko notes that Ugandans are rebuilding their economic fortunes after two years of the Covid-19 Pandemic, noting that access to finance is at the centre of their needs.
In collaboration with development partners, Juuko said, Stanbic raised US$ 30 million in Economic Enterprise Restart Funding [EERF] to support small businesses to rebuild and once again drive Uganda’s growth.
She said her bank is extending credit to established Saccos and Village Savings and Lending Associations [VSLAs] at interest rates of 10 percent for agricultural groups and 12.5 percent for those in general enterprise economic activities.
The launch of the programme is one way the bank joining others in deepening Uganda’s financial inclusion and access to affordable credit through Saccos and VSLAs.
Stanbic Bank Uganda’s launch of the finance and capacity building programme for Saccos comes at the time when the government wants to push 3.5 million households out of subsistence to the money economy through the five-year Parish Development Model [PDM].
Through the PDM Saccos will each get Shs 100mln revolving fund as they lend to organised groups under the pillars of agricultural value chain development-production, processing and marketing, as well as financial inclusion.
The monies above are in the next financial year budget where government has provided Shs 1,059.4bln.
This financial year 2021/22, government provided Shs 200bln to be distributed to 10,594 parishes in Uganda, each taking home Shs 17mln as a revolving fund for the members of the village Saccos.
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