By KT Reporter
Stanbic Bank has teamed up with Buganda Kingdom to promote coffee production in the region.
The partnership with the Buganda Cultural and Development Foundation (BUCADEF), under the ‘Mwanyi Terimba’, a coffee promotion initiative, was unveiled after the signing of a Memorandum of Understanding (MoU) held at Bulange, Mengo.
The initiative is part of efforts to bolster coffee farming in the region and introduces a one-stop centre, the “Ssemaduuka Wobwakabaka Bwa Buganda”.
This is designed to serve as a comprehensive hub for agricultural inputs, advisory services, agricultural mechanisation, and financing for farmers and Savings and Credit Cooperative Organisations (SACCOs) in the Buganda region.
Paul Muganwa, Stanbic Bank’s Executive Director and Head of Corporate Investment Banking, expressed the bank’s commitment to driving economic growth in Uganda, particularly in uplifting women, youth, and farmers.
“Our purpose goes beyond banking. We are involved in activities that drive Uganda’s economic development, particularly focusing on the transformation of Women, Youth and Farmers,” he said.
Muganwa highlighted Stanbic Bank’s substantial investment in agriculture, noting that it has extended over 454 billion shillings across the sector, including 170 billion directed to SACCOs.
He said the bank’s Economic Enterprise Restart Fund (EERF) has provided crucial credit and capacity-building support, especially to smallholder farmers in the aftermath of the COVID-19 pandemic.
“With interest rates set at 10 percent for agricultural loans and 12.5 percent for other economic activities, the fund has reached nearly 7,000 SACCOs, benefiting over 2.6 million members since its inception.
Because we are pursuing an inclusive socio-economic transformation agenda, this is why we are here today so that no one is left behind,” Muganwa said.
Farmer groups present, including Myanzi Coffee Farmers, Kibuuye Coffee Growers, and the Masaka Youth Coffee Production group, expressed enthusiasm about the partnership’s potential to enhance their agricultural output.
Hajji Twaha Kaawaase Kigongo, the First Deputy Prime Minister of Buganda, welcomed the initiative, emphasizing its alignment with the Kingdom’s agenda to combat illiteracy, disease, and poverty.
“Seventy percent of Uganda’s economic activities take place in Buganda. Therefore, this partnership is timely and strategically beneficial for Stanbic,” he said.
He urged the public to take advantage of the bank’s services, which offer a robust network throughout the Kingdom.
Under the Memorandum, the Bank will establish agricultural one-stop centers across all counties in Buganda, ensuring accessibility for farmers.
Groups under BUCADEF will have guaranteed access to affordable, collateral-free financing at below-market interest rates, with repayment tied to harvest seasons, not monthly basis.
The bank will provide free financial literacy programs for all farmer groups, integrating them into a secure and seamless digital platform through Flexipay.
The initiative will start in Buddu, Buwekkula, and Mawokota counties, addressing the hurdles farmers face in accessing quality agricultural inputs and mechanisation, including tractors and irrigation systems.
Emmanuel Negombye, Stanbic’s Head of Agribusiness, emphasised the initiative’s goal of making essential services more accessible to farmers.
“We understand the challenges they face, and this initiative brings these services closer to them in a financially manageable way,” Naigombe said-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
