Kampala, Uganda – Equity Group Foundation’s Social Protection Pillar is making a significant impact in East Africa, reducing social and economic hardship through direct cash transfer programs. The program has reached 25,000 households, with over 190 billion paid out in cash transfers.
The program offers financial literacy training, enabling beneficiaries to manage their finances effectively. Over 1000 VSLA groups have been trained, reaching 31,701 individuals. The training equips beneficiaries with knowledge and skills for effective financial management, enabling them to make informed financial choices and access financial services with confidence.
The program also offers credit facilities, allowing refugees to engage in productive business ventures. Equity Bank’s VSLA credit facility is offered to refugee saving groups as a lump sum, rather than to individual members. This has enabled beneficiaries to expand their businesses and improve their livelihoods.
Partnerships with the Government of Uganda and international organizations like UNHCR and WFP have enabled Equity Bank Uganda to scale its offerings and capabilities. The program has established a presence in nine out of 13 refugee settlements in Uganda, hosting over 1.4 million refugees from South Sudan, DR Congo, Rwanda, Burundi, Eritrea, and Somalia.
Refugees like Abel Rwabendaire and Beatrice Mwerinde have benefited from the program, turning into entrepreneurs and improving their livelihoods. Abel expanded his grocery store, increasing his monthly profit tenfold, while Beatrice started a bakery and employs two people.
Abel Rwabendaire fled the civil war in DR Congo in 2008 and arrived at Nakivale Refugee Settlement. He struggled to make ends meet until Equity Bank established a presence in Nakivale in 2018. Abel opened a bank account and received stipends from the World Food Programme. He borrowed Ushs250,000 from informal lenders to start a grocery store, later securing a Ushs300,000 loan from Equity Bank at a 15% annual rate. Over time, he borrowed a total of Shs4 million, expanded his shop, and increased his monthly profit tenfold.
Beatrice Mwerinde settled in Nakivale in 2012 after fleeing violence in Burundi. In 2020, she borrowed Shs300,000 from Equity Bank to start a bakery, repaying Shs50,000 monthly. Today, she has capital worth Shs1.7 million and employs two people to sell her mandazi throughout Nakivale refugee camp.
Despite the entrepreneurial spirit among refugees, access to finance remains limited, with only a few banks present in the camp. Financial literacy is still low, causing many to rely on informal lenders. However, Equity Bank’s Social Protection Pillar is bridging this gap, providing financial literacy training and access to financial services.
Equity Bank aims to open thousands more bank accounts across all 13 settlements, providing refugees with the tools they need to achieve financial independence and live dignified lives. The bank’s commitment to social investment is transforming lives in East Africa, one refugee at a time.
“This is social investment,” said Beatrice Mwerinde, emphasizing the impact of the program on refugees’ lives. “Without Equity, life would have been much harder.”
