While speaking at the Financial Wellness Webinar organised by Post Bank and UAP Old Mutual at the UAP business park Kampala with thousands of attendees online, leading academic and finance professional Samuel Sejjaaka advised all those aiming towards getting wealthy to take a long term approach to this goal.
“Wealth is not achieved in 1-2 years, one needs to have a 5 to 10, 20 to 30 year plan to achieve real wealth and live a comfortable life. One of the best ways to achieve this outside conventional brick and mortar businesses is by building a portfolio of non tangible financial assets which include bonds, treasury bills, equities and a good insurance policy among other products” he said.
In a bid to improve the financial well being of the people of Uganda Post Bank Uganda CEO Julius Kakeeto speaking at the same event emphasized the fact they are offering loans mainly on fixed interest rates to their customers who are mainly salary earners and small business owners in order to shield them from uncertain changes in interest rates and also ensure they long term stay and prosperity in business.
“This will go a long way in contributing to wealth creation for our current customers going forward and the many more we are looking to onboard as we expand and reach out to the ends of the country” he emphasized.
And to further enhance the objective of guaranteeing the growth and availability of finances for personal development and emergency situations in the long term, Post Bank Uganda partnered with UAP Old Mutual to offer Bancassurance products jointly to the benefit of the Bank’s multitudes of customers.
Tonny Mudoola, the CFO and Ag.CEO of UAP Old Mutual Life Assurance, commenting on this partnership at the same event said the two entities decided to put their strengths together from insurance and banking to ensure they give clients the best all round savings and investment products.
“Insurance does take care of the risk and uncertainty while the bank ably handles the credit finance side of things. And given a long established bank like Post Bank which also boasts a solid relationship with it’s customers, we want to build on it and give the banking public insurance products which will add value to their lives. Our products range from life insurance, education plans, to health insurance and other investment products all of which not only offer good long term returns on savings but also improve one’s quality of life on top of taking care of uncertainties” he said.
Gloria Wakooba, Bank of Uganda’s Director for Administration, gave a moving testimony of how a somesa education plan from UAP Old Mutual she started when her first child was in Kindergarten helped her pay for her University seamlessly and is also going to take care of her Master’s degree plus upkeep.
“Together with my husband we both had lost our parents earlier and didn’t want our children to struggle In case anything happened to us so we took up this scheme with UAP Old Mutual. The maturity happened during the lockdowns and the pay out was a huge lump sum, it took care of all our daughter’s tuition, the balance will handle her postgraduate and we took up schemes for her siblings as well seeing success of her scheme.
With a more solid regulator of the insurance sector in place, there is certainty a client will be paid their claim.
Jonan Kisakye the Uganda Insurers Association CEO encouraged the general public to take advantage of the robust insurance products on the market and build a solid savings and investment culture for both current and future benefit.
He also commended the partnership between Post Bank and UAP as one that will go a long way expanding the reach of much needed long term savings and investment products to the Bank’s customers across the country.
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