Ankole saccos commend Stanbic Bank for financial literacy tips

Saccos from  Ankole sub-region have lauded Stanbic Bank for its dedication to empowering and educating their members through financial literacy initiatives.

At a gathering at Tuzza Hotel in Bushenyi District, over 100 SACCO leaders participated in a financial literacy training organized by Stanbic Bank under its Financial Fitness Academy.

The SACCOs represented districts including Rukungiri, Mitooma, Rubirizi, Sheema, Bushenyi, and Buhweju.

Francis Karuhanga of Stanbic Uganda Holdings Limited (SUHL) highlighted the bank’s mission to drive financial inclusion, recognizing SACCOs as key drivers of economic transformation by linking the bank with the unbanked population of over eight million Ugandans.

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

He added that by enhancing financial literacy, the bank is contributing to the region’s and the nation’s economic empowerment.

Bushenyi District Local Government Chairperson, Jafari Basajabalaba, praised Stanbic Bank for its unwavering commitment to Ugandans, particularly in the area of financial education.

“Financial literacy is not just a skill; it’s a vital tool enabling us to navigate our economic landscape with confidence,” Basajabalaba said.

James Junguru, Stanbic Bank’s Head of the SACCOs unit, reaffirmed the bank’s commitment to expanding training to more cooperative members.

He emphasized that Ankole’s SACCOs are among the best performing in the country, citing the Shs101 billion disbursed to SACCOs last year.

“Our focus on skilling and capacity building is driven by a long-term vision for growth and prosperity for all our stakeholders,” Junguru explained.

He stressed the bank’s goal to build a sustainable financial ecosystem.

Paul Turyamureeba Kahigi, Chairperson of Kyamuhunga People’s SACCO, expressed appreciation for the training, noting its impact on improving SACCO management.

He urged Stanbic Bank to provide more financial experts at their events to enhance members’ financial understanding, especially during loan recovery processes.

Kahigi also praised Stanbic for eliminating bureaucratic obstacles, noting that their partnership began with a Shs500 million loan, which has since grown to Shs3.6 billion at a competitive interest rate of 10%.

Uganda has over 33,000 SACCOs, including those under the Parish Development Model (PDM) and Village Savings and Loans Associations (VSLAs).

The training covered crucial topics such as budgeting, savings, investments, and effective loan management, equipping SACCO leaders with the skills to better serve their communities.