KAMPALA — The Minister for General Duties in the Office of the Prime Minister, Justine Kasule Lumumba, has hailed Stanbic Holdings Uganda Limited and specifically its anchor subsidiary, Stanbic Bank, for being the first financial institution to publish its sustainability performance in a document titled, ‘Report to Society’.
Lumumba on Tuesday officiated as the Chief Guest at the launch of the report at Serena Hotel Kampala and congratulated Stanbic bank on behalf of the Government in launching the report to society a good way of showing accountability.
Lumumba, who is the Focal Minister for Sustainable Develoment Goals stated that when Stanbic Bank makes it, the Government has also made it. She called for collective efforts amongst the Private sector, Inter-religious Council and the majority population to extend a hand to the remaining 39% Ugandans who are still in Subsistence living to join the money economy.
Lumumba commended Stanbic’s work in supporting quality education, improving health care as well as promoting financial inclusion through their work with SACCOs which have disbursed over Ugx20 billion as affordable loans to ordinary people.
“You are scoring in the PDM and it is also good to hear that Stanbic Bank has a women empowerment loan scheme called ”Stanbic for her “that gives cheaper loans to women especially in the rural community. I am pleased to hear that over Ugx19billion reached the 6,412 women entrepreneurs in Uganda
Lumumba said the report highlights Stanbic’s commitment to being a responsible business. She added that government was confident in the support that Stanbic offers to Uganda’s growth under their commitment, ‘Uganda is out hone, we drive her growth’
The report details how Stanbic is improving financial inclusion; supporting business growth and employment creation; enabling the development of critical public infrastructure, including energy, water, transport and telecommunications infrastructure.
Stanbic is also facilitating trade; supporting improved education and health outcomes; and addressing energy poverty while striving to reduce carbon emissions in line with global climate agreements.
She said the report shows how Stanbic is delivering on its sustainability strategy in light of the prevailing Environmental, Social and Governance (ESG) challenges and how these initiatives complement government efforts.
Lumumba said, “Areas of priority include safe management of water and sanitation, reduction in maternal mortality, ending preventable newborn deaths, and providing quality universal health coverage are key tenets of the United Nations Sustainable Development Goals. Therefore, these are the benchmarks as we measure our progress in enforcing the SDGs,”
Lumumba said the government is seeking closer collaboration with the private sector to cause the biggest impact that would benefit communities across Uganda. “Government launched a Private Sector SDG Platform for private sector collaboration. The purpose of the Private Sector Platform is to mobilize companies to provide continuous support toward the implementation of the SDGs and the third phase of the National Development Plan,” Lumumba said.
According to Andrew Mashanda, the Chief Executive of Stanbic Uganda Holdings Limited, Stanbic Uganda plays a pivotal role in driving Uganda’s growth in in line with their purpose, ‘Uganda is our Home, we drive her Growth’. “To achieve this vision, sustainability must be at the heart of the SUHL business strategy,” he stated, adding that SUBH was committed to carrying out activities and operations anchored by sustainability principles to achieve the positive impacts in the environment, the economy and for society.
“Our sustainability strategy aims to create positive Social, Economic and Environmental (SEE) impact in all these areas, thereby helping address some of the society’s most pressing problems through its activities. Therefore, our mission is to help develop a sustainable economy and to empower people to build better futures,” Mashanda stated.
Introducing the report, Stanbic Bank Chief Executive Anne Juuko stated 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 gave 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.”