Uganda’s KCCA Partners With Standard Chartered Bank To Enhance Financial Literacy For PDM Beneficiaries

Kampala Capital City Authority (KCCA) and Standard Chartered Bank have entered into a Memorandum of Understanding (MOU) with the goal of enhancing financial literacy for beneficiaries of the Parish Development Model (PDM) in Kampala.

The MOU inked on December 15, by Dorothy Kisaka, KCCA’s Executive Director, and Sanjay Rughani, CEO/Managing Director of Standard Chartered Bank Uganda, underscores the commitment to empowering communities through improved financial education.

With an impressive Sh9.2 billion already disbursed through the PDM to various individuals and groups, Kisaka emphasized the timely nature of this collaboration, highlighting the diverse financial education needs across 99 parishes, Savings, and Credit Cooperative Organizations (Saccos).

“Thank you for supporting us on financial education. Thank you for financing the various projects and looking after our citizens,” said Kisaka, expressing gratitude for the partnership.

Recognizing the critical importance of financial education, Kisaka emphasized the significant impact it could have on various groups, including market vendors, casual workers, taxi operators, and KCCA staff.

She noted, “If we build proper packages for them, it will make a great difference and enable the beneficiaries put the money to better use.”

Sanjay, speaking on behalf of Standard Chartered Bank, highlighted the transformative nature of the financial training project.

“This is a project that impacts people’s lives. When someone doesn’t know what to do with their money, financial education becomes crucial,” he stated.

The training program encompasses topics such as financial management, debt management; savings culture promotion, cybersecurity, and sustainable financing.

Sanjay explained that the training would be tailored to specific groups, considering their unique needs and challenges.

A “Trainer of Trainers” model is also proposed, aiming to reach a broader audience with each parish having multiple trainers.

Expressing enthusiasm for the collaboration, Sanjay noted, “Financial inclusion is part of our strategy, and we are happy that KCCA has come on board.”

He also highlighted Standard Chartered Bank’s longstanding presence in Uganda, contributing significantly to the country’s GDP through various projects.

As both entities embark on this initiative, the ultimate goal is to contribute to the well-being of the people of Kampala by fostering financial literacy and empowering them to make informed decisions.

The collaboration aligns with KCCA’s Smart City Agenda, emphasizing Technology, Infrastructure, and People’s well-being as its core pillars.

This joint effort reflects a commitment to creating a positive and lasting impact on the economic landscape of Kampala, ultimately paving the way for a more financially resilient and empowered community.