Stanbic Bank Uganda has said it will increase support for Savings and Credit Cooperative Societies (SACCOs) to enhance financial inclusion in Uganda
The revealtion was made by Sam Fredrick Mwogeza, the bank’s acting chief executive officer during the 2nd National Microfinance and Savings Groups Conference in Kampala.
“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 said they 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,” he said.
He said Stanbic Bank would be launching a series of initiatives aimed at enhancing the capacity of SACCOs, such as providing training and technical assistance, offering financial literacy programs, and facilitating access to digital banking solutions.
Mwogeza said the efforts are designed to strengthen the financial management skills of SACCO members and improve their overall operational efficiency.