In a significant move aligning directly with Uganda’s national development agenda and the ‘Tenfold Growth Strategy‘, Stanbic Bank Uganda rolled out a formidable Shs 1 trillion (approximately USD 268 million) to empower Women, Youth, and Farmers (WYF) across the nation.
This substantial allocation, revealed at the 2nd National ICT Summit in Kampala, marks a decisive escalation in the bank’s commitment to financial inclusion and directly supports the government’s ambitious poverty alleviation programs, including the Parish Development Model (PDM), Uganda Women Entrepreneurs Programme (UWEP), Emyooga, and Operation Wealth Creation (OWC).
Brian Tindimwebwa, Head of IT and Operations at Stanbic Bank Uganda, emphasised the synergy between the bank’s core mission and national development goals.
“Our digital economy is on a strong growth trajectory. We’re intentionally investing in the youth and women. Together with the government, private sector, and civil society, we’ll unlock Uganda’s full potential through smart farming and inclusive technology,” Tindimwebwa stated.
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He noted that the ICT Summit’s focus on AgriTech, HealthTech, and EduTech perfectly mirrors Stanbic’s strategic investment priorities, solidifying its role as a key catalyst for Uganda’s economic transformation.
Stanbic Bank’s holistic approach to driving inclusive growth, according to Tindimwebwa, extends far beyond mere financial allocation. It’s a multi-pronged strategy designed to address systemic barriers and foster sustainable prosperity at the grassroots through executing the following;
Financial Inclusion at the Grassroots
Tindimwebwa pointed out that with a network of over 7,000 agents, Stanbic Bank is taking banking services directly to rural communities, extending financial access to those often left behind by traditional banking models. This widespread presence is crucial for the effective implementation of government initiatives like PDM, which relies on reaching households at the parish level.
Targeted MSME Support with Shs 1 Trillion
The allocated Shs 1 trillion for Women, Youth, and Farmers (WYF) is channelled through initiatives designed to provide affordable credit and capacity building.
Programs like the Stanbic Business Incubator equip entrepreneurs with vital skills, while Stanbic for Her specifically empowers women entrepreneurs. Stanbic is also empowering Uganda digital content creators, and the bank is set to hold the first-ever Digital Content Creators Summit this year, where content creators will walk away with Shs40M to finance their projects.
Digital Innovation for Seamless Access
The FlexiPay platform is a testament to Stanbic’s commitment to digital transformation, enabling seamless transactions and breaking down geographical barriers to financial services.
Furthermore, Tindimwebwa observed that the new Stanbic Pamoja Account for sole proprietors allows unsecured borrowing of up to Shs 200 million, accessible digitally with just a National ID and business registration. This innovative product significantly de-risks and simplifies access to capital for small businesses.
Green Finance for Sustainable Futures
Recognising the importance of environmental sustainability, Tindimwebwa said Stanbic offers climate-smart loans at a preferential 10% annual interest rate for sustainable technologies. This encourages investment in eco-friendly practices, vital for a largely agricultural economy vulnerable to climate change impacts, and aligns with global climate action goals.
Youth Empowerment and Skill Development
Beyond financing, Stanbic Bank has invested over Shs 1 billion through its National Schools Championship competition, impacting over 500,000 young innovators. This initiative directly addresses youth unemployment by fostering entrepreneurial skills and digital literacy, crucial for an economy aiming for digital transformation.
Stanbic Bank is also undertaking the UNDP-funded Youth4Business Innovation and Entrepreneurship Facility, a five-year project initially capitalised with US$10 million of grant resources and up to US$200 million in concessional loans.
The project was launched in 2020 at a high-profile event presided over by President Yoweri Kaguta Museveni, during celebrations marking International Youth Day at State House, Entebbe.
“I thank you so much, UNDP and Stanbic Bank, for the (Youth4Business Innovation and Entrepreneurship) programme. You deserve applause,” President Museveni, flanked by the First Lady Janet Museveni, said shortly before he appended his signature as a stamp of approval for the implementation of the initiative.
Stanbic Bank’s integrated strategy demonstrates a profound understanding of Uganda’s unique socio-economic landscape and aligns with the bank’s mission statement, which is: ‘Uganda is our home; we grow it together.’
By investing in the core demographics of Women, Youth, and Farmers, leveraging digital innovation, promoting green initiatives, and collaborating closely with government programs, Stanbic Bank is not just providing financial services; it is actively participating in the national effort to lift millions out of poverty and unlock Uganda’s full economic potential.
This comprehensive approach positions Stanbic Bank as a leading force in driving sustainable and inclusive growth across the nation.