dfcu Bank has been recognized as the number one promoter of financial literacy in Uganda. The recognition was made at the 2018 Digital Impact Awards Africa which were held last Friday at the Kampala Serena Hotel.
The award for promoter of financial literacy was given to the bank for its Investment Clubs campaign dubbed, ‘Battle for Cash’.
The campaign in its second year seeks to drive a savings culture among Ugandans through Investments Clubs.
The ‘Battle for Cash’ competition is in form of a TV show in which participating clubs have a chance to pitch their business plans to a panel of judges over a period of three months, get exposed to different business principlesand stand a chance to win funding for their business projects alongside business advisory services for a year.
In 2017, over 200 Investment Clubs applied to enter the competition, 20 clubs were selected and pitted against each other in a competition that saw Geneber Outspan Organic Farmers from Amolatar emerge as overall winners walking away with a cash prize of UGX 25 million.
This year, over UGX 100 million in prize money has been set aside for the best Investment Clubs with the overall winner taking a cash prize of UGX30 million. The competition has special categories for Women & Youth Clubs on account of their contribution to Uganda’s economic development.
According to the organizers of this year’s awards, the 2018 Digital Impact Awards were to recognise and reward individuals and organizations across Africa that are spearheading the use of digital tools to not only enhance financial and digital inclusion but also lead to continental economic transformation.
Michael Mwesigwa, dfcu Bank’s Senior Manager, Investment Clubs& SACCOS said the award reflects the positive impact of its endeavors to provide countrywide financial literacy.
“dfcu Bank has consistently and deliberately availed financial literacy to thousands of people across different segments. Our Investment Clubs customers receive regular skilling which covers a wide range of topics and concerns.”
“We are proud to receive this award and will continue to impart these skills which we believe are crucial in transforming the savings and investments culturein Uganda,” he concluded.
As part of the campaign, dfcu Bank teams traverse the country carrying out financial literacy workshops that focus on different aspects including why and how to save, where to invest money so it can grow, things to think about when thinking of investing and so much more.
dfcu Bank has been at the forefront on driving a Savings and Investment culture in Uganda since 2007 with the introduction Investment Clubs program designed to foster group savings. Over the years, the program has grown to over 10,000 Investment Clubs that cut across all segments including students, the professionals, women and youth.
The ‘Battle for Cash’ challenge started airing on NTV last Sunday and will continue to mid-December when the best performing clubs will be rewarded.