By Mark Kawalya
Stanbic Bank has launched an initiative to support the government’s Parish Development Model (PDM). The financial institution is providing Flexipay integrated smartphones to Savings and Credit Cooperative Organizations (SACCOs) across Uganda participating in the PDM. The move is part of a broader effort to bring more Ugandans into the formal cash economy with the Government’s goal to include 39% of the initiative.
The Flexipay integrated smartphones will enable SACCOs to execute different banking services, including digital payments, savings, and credit facilities. By equipping SACCOs with these devices, Stanbic Bank aims to enhance the efficiency of financial transactions and expand the reach of formal financial services in rural areas.
So far Stanbic Bank has distributed 100 Flexipay integrated smartphones to verified SACCOs participating in the PDM. This initiative is a step towards empowering SACCOs with the tools and technology needed to offer accessible financial services to their members.
This initiative aligns with Stanbic Bank’s commitment to supporting the growth and sustainability of SACCOs and Village Savings and Loans Associations (VSLAs) in Uganda. The bank seeks to strengthen the financial management capacity of these community-based financial institutions, by leveraging tools like Flexipay enabled smartphones. Ultimately this will enable the financial institution to contribute to the economic development of the regions they serve.
The distribution of Flexipay integrated smartphones to PDM SACCOs is a demonstration of Stanbic Bank’s dedication to fostering financial inclusion. This is in line with the government’s development agenda. The bank’s efforts in supporting SACCO’s underscores its role as a partner in advancing inclusive economic progress in Uganda.
John Tumwine the Head of Public Sector Banking at Stanbic Bank while speaking on behalf of the Chief Executive Director, Anne Jjuuko in Namayingo district, said the initiative will simplify the government’s efforts bringing 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.” he noted.