- Equity will provide SACCOS with products such as Enterprise credit facilities, SACCO credit facilities, and Women and Youth credit facilities. The amount to be borrowed range from as low as UGX 100,000 and a maximum of UGX 200 million.
- The Savings and Credit Co-operative Societies will also get free Financial Literacy and Business Development services.
Equity Bank Uganda has been chosen to spearhead the distribution of Parish Development Model (PDM) funds to a tune of 1.9 billion shillings in Kiboga district to parish Savings and Credit Co-operative Societies (SACCOS).
The district will see all the 58 parishes benefit from the presidential initiative intended to eradicate poverty at house hold level while promoting agricultural commercial production.
The model has seven pillars; Agricultural (production, Storage, Processing and marketing); Infrastructure and Economic Services; Financial Inclusion; Social services; Mindset Change and community mobilization; Parish Based Management Information System PBMIS; and Governance and administration.
Paul Odong, the Head of Projects, said that the Key pillars of the model are in line with the Banks vison and purpose of transforming lives.
“As the PDM strives to create wealth, employment and increase household incomes, it ties very well with the Equity Bank’s vision purpose of transforming lives, giving dignity and expanding opportunities for wealth creation,” he noted.
He said that their Africa Recovery and Resilience plan is aimed at catalyzing the demand complementarity and transformation of Africa underpinned mostly by capacity building, enhancing production of raw materials and also integrating primary producers to more coordinated productive capacities and connecting the primary and secondary sectors to global supply chains especially the food and production in the agricultural sector among others.
"If we are to grow our wealth we need to know how to grow our enterprises, however small they are. Our Financial literacy programs speak to things such as debt management, saving, entrepreneurship " Odong remarked.
The Bank in collaboration with the Ministry of Energy and Mineral Development Minister Hon, Ruth Nankabirwa, has so far handed a cheque of 33.5million shillings to Kalyango-Nkandwa PDM Sacco in Kambugu village.
The minister said,” we took long to ensure that there are no mistakes made in disbursing the money which is better that not releasing the money because it becomes hard for people to refund it. If you have received money for planting, next season will find you ready to plant because now is not yet the time.” Nankabirwa remarked.
She also hailed Equity bank for pledging to offer financial literacy to the groups to ensure that the money is put to its intended use.
According to Jack Katusiime, the District Commercial Officer and PDM focal person, they have gone through all the formalities of registering the Savings and Credit Cooperatives which are 58 in number in a bid to be ready for operations and are now on the district and Ministry of Finance database.