Stanbic Bank, Kakira Sugar Works, and the Busoga Sugarcane Growers Association have formed a partnership to provide sugarcane farmers in Busoga with a new loan solution.
Through the Stanbic Sugarcane Farmer Solutions program, farmers can now access unsecured loans of up to Shs100 million, with a repayment period of two years and an interest rate of 2% per month. The launch event took place at Kakira Sugar Factory in Jinja and was attended by farmers, officials from Stanbic Bank, Kakira Sugar Works, and the Busoga Kingdom.
The aim of this initiative is to assist cane farmers in covering their expenses and expanding their acreage, thereby increasing their productivity to meet the growing demand for sugar in the local and East African markets. Additionally, the partnership provides access to affordable medical insurance, called Stanbic MediProtect, for the farmers and their dependents.
The insurance coverage includes in-patient, out-patient, maternity, dental, and funeral benefits, with no age limits.
Furthermore, Stanbic Bank will offer free financial fitness sessions to the farmers, conducted by experts in both English and local languages. These sessions will cover topics such as savings, investments, expenditure management, debt management, and wealth protection, aiming to enhance the financial well-being of the farmers.
