PostBank Uganda this week opened a branch in Kotido; the 42nd branch on the bank’s network across the country.
Stephen Mukweli, managing director PostBank Uganda, said as a national bank, financial inclusion is one of their major focus and this they have done by bringing services closer to the Wananchi.
He said: “We cater for customers who do not have traditional collateral by embracing social collateral and non-titled/registered assets. I wish to encourage the people of Kotido and the surrounding areas to take advantage of bank products like solar loans, water and kyapa loans for sustainable development and value enhancement.”
PostBank has been serving Karamoja region since 2008, for 9 years now, hitherto serving the community using mobile banking vehicles.
These will continue as it enables us to reach deeper locations which otherwise would be costly for these customers to travel to Kotido.
Kotido branch establishment was partly funded by Agricultural Business Initiative (aBi).
George Mutagubya, Advocacy and Communications Manager said “aBi Trust support is aimed at increasing access to financial services to agribusiness actors along the agricultural value chains as part of aBi’s strategy of deepening and expansion of branches and branchless delivery mechanisms.”
In the past aBi has also supported the establishment of other Post Bank branches across the country including; Anaka, Nwoya, Nakasongola, and Bweyale branches.
The board chairperson PostBank Uganda Grace Bakunda said financial inclusion is key to poverty reduction and inclusive growth which allows as many Ugandans as possible to be actively engaged in the growing economy.
“Uganda is destined to the lower middle income category of tiered economies and our presence here in Kotido should create opportunities for the people of Kotido not to be left behind,” she said.