Last week, President Yoweri Museveni hosted leaders of Standard Bank Group to State House Nakasero, in the country’s capital Kampala where they discussed opportunities to enhance collaboration with government. The Standard Bank Group delegation was led by Group Chief Executive, Sim Tshabalala accompanied by Africa Regions Chief Executive, Yinka Sanni, East Africa Regions Chief Executive Patrick Mweheire, Stanbic Uganda Holdings Chief Executive Andrew Mashanda, and Stanbic Bank Uganda Chief Executive Anne Juuko.
The meeting happened days after Stanbic Uganda, a member of the Standard Bank Group—Africa’s largest lender by assets on July 4 2023, launched its maiden ‘Report to Society” detailing efforts towards creating a sustainable future by investing in initiatives that promote positive Socioeconomic, and Environmental impact.
In an era where businesses are increasingly recognizing the importance of sustainability, Stanbic Bank Uganda has emerged as a thought leader in driving positive change and making a lasting impact on the country. Through its comprehensive sustainability program, the bank has successfully integrated social, environmental, and economic considerations into its operations, transforming the lives of individuals and communities across Uganda.
Using voices of beneficiaries, the report showcases how Stanbic is improving financial inclusion, creating jobs through support to local enterprises and enabling the development of critical public infrastructure, including energy, water, transport, and telecommunications infrastructure.
Released under the theme—’We believe in Uganda’, the report also showcases Stanbic’s positive impact created through its Corporate Social Investment (CSI) programmes including the National Schools Championship that skills youth, Corporate Society for Safe motherhood in partnership with the Ministry of health, as well as tree planting initiatives aimed at conserving the environment.
Speaking on behalf of the government, the Minister for General Duties in the Office of the Prime Minister, Justine Kasule Lumumba hailed Stanbic Uganda and specifically its anchor subsidiary, Stanbic Bank, for being the first financial institution to publish a sustainability report.
“This is a form of accountability to the community in which you work, and on behalf of the government, I congratulate the leadership of Stanbic on this milestone,” she said.
Lumumba, who is also the Focal Minister for Sustainable Development Goals added that, “your success as members of the private sector is also our as government. For instance, your success in enabling Ugandans to access affordable credit through SACCOs is commendable as it complements government’s Parish Development Model aimed at having the 39% Ugandans who are still in Subsistence living to join the money economy,” she said.
Promoting financial inclusion
Stanbic Bank has been at the forefront of promoting financial inclusion in Uganda. By expanding access to financial services, the bank has empowered individuals and businesses to participate in the formal economy and enhance their livelihoods. Through initiatives such as agency banking and mobile banking solutions, Stanbic Bank has reached underserved communities, providing them with convenient and affordable banking options. This inclusive approach has helped foster economic growth, reduce poverty, and enhance financial literacy across the country.
Supporting SMEs and Entrepreneurship
Recognizing the vital role that small and medium-sized enterprises (SMEs) play in driving economic development, Stanbic Uganda Holdings Limited, under its subsidiary Stanbic Business Incubator Limited (SBIL) has implemented targeted programs and initiatives to support their growth.
The Incubator offers specialized financial products, mentorship programs, and capacity-building initiatives to equip SMEs with the skills, knowledge, and capital needed to thrive. By fostering entrepreneurship and SME development, SBIL is catalyzing job creation, fostering innovation, and stimulating economic progress throughout Uganda.
Environmental stewardship
Stanbic Bank is committed to minimizing its environmental impact and promoting sustainable practices. The bank has implemented energy efficiency measures, waste management initiatives, and responsible lending practices that consider environmental risks. Furthermore, Stanbic Bank actively supports renewable energy projects, such as solar and wind power, which contribute to Uganda’s transition to a greener and more sustainable energy sector. By prioritizing environmental stewardship, Stanbic Bank is playing a crucial role in advancing Uganda’s sustainability agenda and addressing climate change challenges.
Social Investment and Corporate Social Responsibility
Stanbic Bank’s sustainability program extends beyond its core business operations to encompass impactful social investment and corporate social responsibility initiatives. The bank has invested in various community development projects, focusing on education, healthcare, and social welfare. Through partnerships with local organizations, Stanbic Bank has supported initiatives such as school infrastructure development, scholarship programs, medical outreach campaigns, and community empowerment projects. These efforts have brought about tangible improvements in the quality of life for individuals and communities across Uganda.
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