Equity Bank starts distributing Parish Development Model cash to Kiboga saccos

Government has through Equity Bank started disbursing Parish Development Model cash to beneficiaries saccos in Kiboga district.

The launch was officiated  by the Energy Minister, Ruth Nankabirwa who is born of Kiboga as the government programs aimed at eradicating  poverty and creating employment and wealth through the execution of development activities at the parishes kicked off in the district.

The partnership between Equity Bank and Kiboga District Local Government will allow the population at the lowest economic unit directly receive money from the bank at the most competitive rate to  saccos  holding Equity accounts and other mobile wallets.

Speaking at the function, Equity Bank Head of Social Program Paul Odong, said the bank shall ensure the best optimization of the cash under PDM because of its strong social programs and enduring financial inclusion culture and agenda.

He added that Equity Bank will support the beneficiaries enter the money economy.

“Together with Kiboga district leaders, Equity is strongly positioned to support saccos  to keep their light on during the prevailing post-COVID-19 pandemic that has slowed the economy, impacting the cashflow of several enterprises. By extending credit to the saccos, Equity demonstrates its commitment to walk with its customers, and to see their lives transformed, access more economic opportunities and create wealth,” Odong said.

“We have seen the impact of giving affordable credit to micro SMEs and SMEs during this post-covid19 period, they have been able to reimagine, repurpose and retool their enterprises and emerged more resilient thereby protecting jobs and creating more job opportunities through venturing into more innovative initiatives such as manufacturing. Therefore, the bank will equally support Savings and Credit Co-operative Societies at the lowest economic units to retool and grow.”

According to officials, Equity Bank will provide the saccos with products such as enterprise credit facilities, sacco credit facilities, and women and youth credit facilities.

The amount to be borrowed  will range from as low as shs100,000 and a maximum of shs200 million.

The Savings and Credit Co-operative Societies will also get free financial literacy and business development services.

Speaking at the function, Minister Ruth Nankabirwa said the Parish Development Model program  carries the gospel of promoting commercial agriculture, productivity, value addition, and marketing for better economic well-being and livelihood of the population.

The PDM aims to lift 39 percent (about 3.5 million people) of households from subsistence to a money economy.

“This will eventually contribute to the Uganda vision 2040 which, envisages a transformed Uganda society from a peasant to a modern and prosperous country and hence the realization of the third National Development Plan which, prioritizes inclusive growth, employment, and sustainable wealth creation at the household level,” said Nankabirwa.

Kiboga district leaders thanked Equity for supporting local governments in implementing the PDM program.

They pointed out that PDM aim at helping people at parish level to increase their household income and join the money economy, in line with Equity’s mission and purpose.

 

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