Namayingo, December 06,2023: Uganda’s leading Commercial Bank Stanbic Bank has intensified its financial inclusion agenda aimed at leaving no one behind, in the journey of transforming netzines into the middle-income status economy.
This transformative assurance was revealed on Wednesday in Namayingo district, Eastern Uganda as the bank the rolled out a new initiative aimed at enabling Parish Development Model (PDM) Savings and Credit Cooperative Organization (SACCO) access their money with ease.
The intervention comes on board to solve endless frustrations by PDM money beneficiaries who have consistently been citing challenges of arduous process of accessing funds, long journeys, account requirements, and crowded banks among.
In a quest to offer a solution to these problems, Stanbic Bank has introduced, and distributed 100 FlexiPay integrated Smartphones to PDM Verified SACCOs. The Smartphones will benefit SACCOs in the districts of Kapchorwa, Bukwo, Tororo, Mbale, Kwen, Iganga, Busia, Mayuge and Namayingo.
Speaking on behalf of the Chief Executive Director Anne Jjuuko, John Tumwine the Head of Public Sector Banking at Stanbic said the initiative will move countrywide in order to simplify the government’s efforts ushering the 39% percent of Ugandans into the cash economy.
“The objective of the Smartphones is not only to give back to the PDM SACCOs banking with us, but to also build the groups’ digital capacity and boost their efficiency by way of using FlexiPay to manage its transactions with Sacco Members.
Tumwine added that FlexiPay will enable PDM saccos to improve accountability, bookkeeping, and transparency in member transactions.
“In this specific campaign Over 500 PDM Saccos banking with Stanbic across the country will receive the gadgets. We are doing this because it falls under our purpose, ‘Uganda is our Home, We drive her growth’. Its within our interest to move this journey with everyone.” He said.
Speaking on behalf of the Guest of Honour, Rt. Hon. Lukia Isanga Nakadama, the 3RD Deputy Prime Minister, The Namayingo LV chairperson Robert Sanya, hailed Stanbic for championing the move to digitize PDM money operations, citing that the general public appreciates the bank’s impactful interventions in transforming Uganda into a better place.
He said removing physical cash distribution from the circle is saving the government from unnecessary delays and corruption that had started eating up the great initiative at a tender stage.
“I want to call upon all district leaders and Resident District Commissioners (RDCs) to keenly monitor the operations of all the people in the chain of money so it can reach the last person. Stanbic has played its part, the monitoring role is ours and we have PDM as a vehicle aimed at bringing the 39% of the poor Ugandans into the money economy.” Sanya said.
Irene Muwanguzi the Deputy Enterprise Director Parish Development Model (PDM) secretariate said that Stanbic Bank initiative has given hope to Ugandans and the government at large that the program will no longer fail as some people had started claiming.
She said that PDM is aimed towards a social economic Change of lifting 39% (about 3.5 million people) of households from the subsistence to money economy.
Muwanguzi revealed that over One Trillion Uganda Shillings has so far been earmarked to benefit the SACCO and much more is still coming to the people of Uganda from their loving government.
“We have a lot of faith that PDM will eventually contribute to the Uganda Vision 2040 which envisages “a transformed Ugandan society from a peasant to a modern and prosperous country” and hence the realization of the third National Development Plan (NDP III) which prioritizes inclusive growth, employment and sustainable wealth creation at household level. And now with partners like Stanbic Bank on board, all we see is success.” Muwanguzi said.
Richard Othieno a PDM Sacco beneficiary from Kigulu Island said some of this Initiative saved them the burden and risk associated with carrying liquidity.
“I know of people that were robbed and others even misused the money because it was liquidity. People had never held One Million in their hands, they ended up missing it due to excitement. I’m that this initiative enables us access money through our mobile phones, and this is saving us a lot of problems.”
He added that his SACCO choose to bank with Stanbic not because they anticipated Mobile phone support, but because they were assured of getting their money because of the availability of more bank branches in the region compared to other banks.
Jackie Abwol, the Stanbic Bank Flexi Pay Manager said the platform is an inclusive portal that supports both internet and USSD Code (*291#) transactions.
“The advantage our people are going to get is that FlexiPay operates beyond PDM money transactions. The same app can be used to make bill payments like electricity, water, TV subscription at no charges. Basically FlexiPay is an all-in-one digital solution that allows one to live free by making financial transactions convenient, safe, quick, secure, affordable and easy way.” Abwol said.
