Equity Bank has in a few days provided close to Ushs1.8 billion in support to about 400 refugee led businesses
As Uganda joins the rest of the world in marking World Refugee Day today, Equity Bank Uganda is shining a light on how access to financial services is helping thousands of refugees rebuild their lives with dignity and independence.
Through its Social Protection program, the Bank has extended support to refugee-led businesses and made possible cash transfers to over 130,000 families across nine of the 13 refugee settlements in Uganda.
Speaking to media ahead of the day, Equity Bank Manager for Social protection Derrick Kyambadde revealed that in the last two years alone, Equity Bank has provided close to Ushs1.8 billion in support to about 400 refugee led businesses. Among the recipients are 7,182 women and 3867 men, many of them who are running small business that support their families and communities.
Equity Bank has provided and played a key role in delivering cash transfer to vulnerable refugee households since 2018. Over the past five years, more than 130,000 households have received assistance totalling UGX301.7 billion, helping them meet essential needs like food, education and healthcare.
“As we all know, Uganda hosts the highest number of refugees on the continent. At Equity, we believe that they just don’t need help but need opportunity in this host country they are in,” said Kyambadde. Adding, “We believe that access to financial services gives them the dignity and freedom to rebuild their lives and exploit opportunities available within and around the settlements.”
This year’s world refugee Day theme highlights solidarity and support and Equity Bank’s efforts show what that looks like in action.
Through its Social Protection Pillar, Equity Bank seeks to reduce social and economic hardship and alleviate extreme poverty and deprivation through direct cash transfer programs for refugees.
Cash transfers have proven to be a cost-effective and efficient way to advance the socio-economic status and self-reliance of the most vulnerable.
“The adoption of cash transfers for the delivery of humanitarian aid fosters financial inclusion and affirms the dignity of recipients as they gain financial independence. Financial inclusion enables beneficiaries to oversee their spending and savings through fully-fledged bank accounts (often first-time bank accounts) and biometric smart cards, a model that enhances convenience, security, accessibility, and efficiency as well as accountability,” said Kyambadde.
With the Equity Bank cards, beneficiaries can access their cash allocations and use the card to purchase goods and access other much needed services.
Under this program, beneficiaries are also taken through financial literacy training to equip them with the knowledge, skills, and attitudes required for effective financial management: earning, spending, saving, borrowing, and investing.
“Participants are empowered to make informed financial choices and use services that previously seemed beyond their grasp. Equity’s support helps the beneficiaries work towards their financial goals, become more bankable, and ultimately transform their lives,” added Kyambadde.
