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Stanbic, Uganda Prisons enhance financial literacy

Stanbic, Uganda Prisons enhance financial literacy

Over 52,416 officers and their families to be empowered with literacy skills (Courtesy photo)

Stanbic Bank Uganda has initiated a comprehensive financial literacy training program for prison officers and their spouses nationwide. The program, launched in collaboration with the Uganda Prisons, seeks to empower 52,416 officers and their families, addressing key financial challenges faced by this demographic.

Israel Arinaitwe, the Head of Private and Personal Banking at Stanbic Bank, emphasized the commitment made to provide free financial literacy training across all five regions of Uganda, covering 49 prisons. The initiative aligns with Stanbic’s mission to contribute to Uganda’s growth and development.

Financial challenges identified and addressed:

Through discussions with prison leadership, specific financial pain points were identified, including managing multiple loans, dealing with extended family financial burdens, coping with redundancy, limited access to medical care, and budgeting on government salaries.

Stanbic Bank aims to tackle these issues through a series of financial literacy clinics, providing practical solutions and guidance to empower prison officers in making informed financial decisions.

Special financial partnership waiver:

In addition to the training program, Stanbic Bank pledged a special financial partnership waiver, including subsidizing interest rates on various financial products for all prison officers across the country.

Positive response from prisons leadership:

Stella Nabulya, the Commissioner of Prisons in charge of Kampala Extra Region, commended Stanbic Bank for providing an opportunity to acquire new skills. She expressed optimism that the initiative would positively impact the lives of prison staff, transforming their financial management and reducing post-retirement poverty.

Expert advice on financial independence:

Charles Ocici, Executive Director of Enterprise Uganda and program lead, emphasized fundamental principles for financial independence. He highlighted the importance of time management, competency building, and staying away from mediocrity and unethical trends. Ocici urged prison staff to embrace these principles to achieve financial breakthroughs.

Support for small and medium enterprises:

Nelson Kasada, Programmes Manager at the Stanbic Business Incubator, encouraged officers to take advantage of the bank’s free enterprise development training for small and medium enterprises (SMEs).

He invited them to visit the Business Incubator in Kololo during their free time to enhance their business skills and promote business resilience.

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