Stanbic Bank Uganda’s unwavering commitment to financial inclusion and inclusive growth has earned high praise from local leaders in the Karamoja sub-region. The commendation came today during the official opening of the Bank’s newly relocated and expanded Moroto Branch, an event that highlighted how Stanbic’s strategic focus on Women, Youth, and Farmers (WYF) is actively transforming the region’s economy.
The new, modern facility in Moroto, which was officially opened by Mr. Kenneth Mumba Kalifungwa, the Stanbic Bank Uganda Chief Executive, is seen as more than just a building; it is a “symbol of trust, progress, and partnership,” reaffirming the Bank’s dedication to a region undergoing significant transformation in mining, tourism, and agriculture.
The WYF Agenda: Driving Purpose-Led Growth
Stanbic Bank Uganda’s core purpose, which is to drive Uganda’s growth, is being executed through its Positive Impact framework, which centers its efforts on vulnerable but high-potential groups: Women, Youth, and Farmers (WYF).
Speaking at the event, Kalifungwa underscored the Bank’s commitment to this agenda, saying, “Our role as Stanbic Bank is to help turn this potential into prosperity for people here, especially women, youth, and smallholder farmers.”
He noted that the WYF agenda is delivered through key strategic pillars designed to address primary barriers to economic participation, and these include:
Financial Inclusion: Providing access to affordable credit, savings products, and secure digital platforms, which is part of the core functions of the Moroto Branch.
Enterprise Growth: Supporting entrepreneurs and SMEs with targeted resources and expertise, especially women and youth.
Agri-trade Investment: Mobilising finance for the agricultural value chain, critical for a region like Karamoja, where most women and youth are involved in farming.
Digital Inclusion: Leveraging technology to move money from informal storage, like keeping it under pillows, into safe, accessible accounts, as noted by Reverend Father Henry Drajeru of St. Kizito Parish, Nawoy.
Climate-Smart Interventions: Promoting sustainable practices that align with the need to restore the natural ecosystem, an initiative encouraged by local leaders for Karamoja.
Decades-Long Partnership with Karamoja
The relocation of the Moroto Branch, which now features improved accessibility and a better customer experience, is the latest step in a long-term relationship. It is important to note that Stanbic Bank was historically the first bank to establish a presence in Moroto (when it was still Uganda Commercial Bank), hence establishing a foundation of trust and reliability.
Local leaders attested to the tangible benefits of this partnership, and below is what some of them said:
Justin Tuko Sam, the Resident District Commissioner (RDC) for Moroto district, praised the Bank’s longevity and innovation, saying, “Stanbic was the first bank to come to Moroto and has played a vital role in safeguarding people’s money through innovation and digital solutions.”
He emphasised that protecting gains means “protecting partnerships and institutions like Stanbic that transform societies, create jobs, and empower Ugandans.”
Kutosi Kassim Nasibu, the Chief Administrative Officer (CAO) for Moroto District, highlighted the operational impact, noting, “Our partnership with Stanbic has accelerated district projects and empowered civil servants to improve their livelihoods through access to finance.”
To maximise its reach across the sub-region, Stanbic Bank now operates two full branches (Moroto and Kotido), supported by one service point and over 80 agent banking outlets, making banking convenient even for the most remote communities.
The event, which saw attendance from senior executives including Paul Muganwa, the Executive Director and Head of CIB, and Tich Makonese, Head of Insurance, Asset and Investment Management, underscored the importance of the Karamoja region to the Bank’s national agenda.
Kalifungwa concluded by asserting that, “As Karamoja advances, Stanbic Bank will continue to invest, innovate, and walk alongside you, as a reliable partner for growth.”