Equity Bank recognized for promoting inclusion initiatives, financial literacy

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Equity Bank Uganda has been recognized and awarded for promoting inclusion and providing financial education by the Uganda Financial Literacy Association (UFLA), an umbrella body uniting stakeholders in the financial literacy field.

The event, held under the theme “Leveraging Financial Literacy for Uganda’s Socio-Economic Development,” took place at the Kampala Serena Hotel this morning. It brought together key players and dignitaries in the financial sector, including representatives from the Bank of Uganda, the Ministry of Finance, bank executives, the Uganda Bankers Institute, and members of UFLA. Equity Bank was applauded for advancing the national financial literacy agenda.

Speaking at the event, Equity Bank Executive Director Elizabeth Mwerinde Kasedde emphasized the bank’s belief that empowering individuals with financial knowledge is essential for fostering economic growth and improving livelihoods. She reaffirmed the bank’s dedication to offering integrated financial services that socially and economically empower consumers, businesses, and communities.

“Equity Bank targets the unbanked and financially excluded, such as women, youth, and refugees. So far, we have covered up to 67 percent of rural and 32 percent of urban areas. In just two years, Equity Bank has trained 126,107 youth, women, and refugees in financial literacy and entrepreneurship education, of which 58 percent are female, 77 percent are youth, and 30 percent are refugees,” Mwerinde said.

EBUL Executive Director Elizabeth Mwerinde signs the Financial Literacy Strategic Plan, marking its official launch.

She added, “We have witnessed increased access to affordable unsecured credit. Up to Shs89 billion has been disbursed in the last three years, including during the Covid-19 period.”

Mwerinde further revealed that the bank has created 99,000 jobs and expanded 6,420 micro-enterprises from micro-level (capital size below Shs10 million) to small size (capital size above Shs10 million).

She also stated that since the start of the bank’s effort to promote financial inclusion in 2019, 87 percent of the unbanked have reported improved livelihoods, and more individuals are joining village SACCOs and associations “because there is more opportunity to access formal financial services cheaply,” said Mwerinde.

Meanwhile, Equity’s Financial Literacy Trainer Phillip Kiryowa was also awarded for his work.

Equity’s Phillip Kiryowa wins outstanding achievement in promoting and coordinating financial literacy.

“I am deeply honored to receive the Financial Literacy Trainer Award from the Uganda Financial Literacy Association. This recognition underscores the importance of financial education in empowering our communities,” said Kiryowa in his acceptance speech.

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