PostBank Uganda has been recognised as the best bank in promoting financial inclusion in Africa.
PBU emerged the continent’s best among members of the World Savings Banks Institute (WSBI). The bank stood out for reaching financial inclusion goals for the period 2014-2017, enlisting a million accounts, buoyed by people who were previously unbanked.
The announcement was made during the WSBI Africa regional meeting that took place in Tunis recently. Mr Alex Kayaayo, PBU’s Executive Director received the accolade in Tunisia’s capital on behalf of the bank.
In three years, PBU has linked over 30,000 groups with membership of over 500,000 with over Sh15 billion of stable savings. According to the bank, the number of accounts has grown from 400,000 to 1,000,000 in this period.
Post Bank Uganda was involved in the WSBI-Gates Doubling the savings account project since 2009. The bank received USD500,000 from WSBI in support of taking financial services to the rural poor.
After a market research was carried out by Cream Uganda, a local NGO, results indicated the existence of a bankable market segment organized as saving groups.