PostBank Uganda (PBU) has launched a countrywide financial literacy and business development training program to promote financial inclusion and drive economic growth in Uganda.
The program targets at least 9 Saving and Credit Cooperative Organisations (SACCOs) under the Parish Development Model (PDM) in each parish and at least 15 members per SACCO. This translates into an estimated 1,700 SACCO members per district.
The program was launched in Kayunnga District’s Bbaale, Kayonza, Kitimbwa and Kayunga sub-counties on Thursday 23rd and Friday 24th March 2023.
The Parish Development Model (PDM) is a government initiative aimed at deepening the decentralisation process; improving household incomes; enabling inclusive, sustainable, balanced and equitable socio-economic transformation; and increasing accountability at local levels.
Under the training, facilitators will give a deep dive into enhancing the skillset of the Parish Development Model (PDM) SACCO leaders while also sharing nuggets on basic financial management – budgeting, savings, loans, investment and bookkeeping, among other things. Additionally, the bank will make stops at agent locations to address their knowledge challenges – to enhance customer service and experience. This is against the background that agent banking has become an efficient way for banks to reach underserved areas.
During the launch of the Kayonza sub-county training at Kayonza Primary School, George William Kiyingi, the bank’s Head of Agency Banking, said the bank chose to start with SACCO leaders, parish chiefs and change agents, “so that they can go on to train their subordinates at the grass root level.”
Kiyingi cautioned the attendees of the training always to prioritize their needs over their wants if they want to move into the money economy.
“This training is aimed at ensuring that SACCOs learn how to access PDM money, send it to beneficiaries, track, and account for it,” he said adding that, “the bank is in the final stages of rolling out a system that will enable SACCOs to complete these transactions in one go.”
“With this system, beneficiaries won’t need to move to bank branches to access the PDM funds,” he said.
Dr. Mugabi David, the PDM Coordinator – Kayunga District, commended PostBank for the pragmatic initiative, stressing that some of the reasons why the implementation of PDM is flawed, is inadequate knowledge and skills.
“This initiative comes in handy for our communities – to drive an increase in household incomes,” he said.
After Kayunga, the bank is moving on to train in other parts of the country.
PostBank becomes a pioneer in training PDM implementors and beneficiaries at the parish level, in line with its agenda of empowering lives and transforming livelihoods.
PostBank Uganda (PBU) is 100% owned by the Government of Uganda. The bank has 55 branches countrywide, stretching from Yumbe to Kabale, from Kotido to Masaka, and over 400 PostAgents. These are complemented by the PostMobile – *263#, PostApp, PostOnline and smart ATMs.