Stanbic Uganda, a member of the Standard Bank Group—Africa’s largest lender by assets has today launched its maiden ‘Report to Society” detailing efforts towards creating a sustainable future by investing in initiatives that promote positive Socioeconomic, and Environmental impact.
Through voices of beneficiaries, the report showcases how Stanbic is improving financial inclusion, creating jobs through support to local enterprises, 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.
Andrew Mashanda, the Chief Executive of Stanbic Uganda Holdings Limited, said the Report is a document of accountability to Ugandans and government that the organization is committed to walking the talk of its purpose—Uganda is our home, we drive her growth.
“We don’t want to just drive growth; we want to drive sustainable growth and that is why sustainability is at the center of the SUHL business strategy. We are to grow today while also securing opportunities for future generations,” he said.
Stanbic Bank Chief Executive Anne Juuko asserts that creating value for society is the sure way shareholders will reap from activities of the Bank. It was against this background, Juuko explains that Stanbic Uganda put in place a comprehensive Sustainability strategy in 2022 that currently shapes the business priorities across the organization.
“By delivering on our sustainability priorities, we create a meaningful impact in our communities and for stakeholders we serve,” she stated.
Juuko gives examples of areas where the Bank has intervened, citing the Stanbic Economic Enterprise Restart Fund (EERF), an economic recovery programme supporting vulnerable groups including SME’s.
“In 2022, we extended UGX20 billion to women-owned SMEs and SACCO’s. Additionally, we have touched over 260,000 members through on-lending and have offered 292 SACCOs/ VSLAs accessible finance. Additionally, they have used digitalization to improve financial inclusion, providing personnel with the necessary training and technical equipment. Through our women’s proposition Stanbic for Her, loans worth UGX 19.7 bn were disbursed to 1,127 women. The proposition was launched in 2022 and continues to be a thriving portfolio as we address gender parity concerns that are affecting equitable access.”
Cathy Adengo, Stanbic Uganda’s Head of Sustainability said, “Stanbic’s Sustainability strategy aims to create positive Social, Economic and Environmental impact thereby addressing some of the most pressing concerns in our communities and for our clients.”
“By delivering on our sustainability priorities, we create a meaningful impact in our communities and for stakeholders we serve. We remain pivotal to facilitating Uganda’s economic growth and Stanbic Uganda Holdings through Stanbic Bank, lends to a wide range of growth sectors ranging from primary growth sectors including, Agriculture, Infrastructure, Trade, Health Care, Education and Green Business,” she remarked.
Other speakers at the launch of the report included Alfred Okidi, the Permanent Secretary for the Ministry of Water and Environment, Ramadhan Ggoobi, the Permanent Secretary in the Ministry of Finance and Secretary to the Treasury, and the UPDF Spokesperson Brig. General Felix Kulayigye.