PostBank Branch Manager Mubende, Ms. Margaret Nakkazi (C) and Mr Jimmy Ocen, Manager Agricultural lending PostBank (2nd R) Uganda pose with farmers in Mubende after 2021 Agriculture Forum
PostBank a financial institution that is committed to empowering lives, has today launched a series of agricultural forums in seven districts. These forums shall equip and educate farmers on how to improve their businesses for profit maximization.
Agriculture is a backbone of the economy, employing more than 70% of Uganda’s population and accounting for up to 37% of the country’s GDP. While the sector has come a long way, it still faces a lot of challenges such as low out put due to inadequate of use of fertilizers, high cost of finance, lack of agricultural machinery, lack of proper information, climate change, pest and diseases among others.
PostBank, a leader in agricultural lending and with more 10,000 agriculture borrowers will in these forums upskill farmers, share financial management tips and expound on value creation in the various agriculture enterprises. The bank will be joined by the best in input supplies, solar irrigation equipment and Agri machinery like Cooper Motors Corporation, Terra Agriculture and the Northern Uganda Agricultural Centre (NUAC). The bank provides competitive asset financing loans to give farmers capacity to reap more from agriculture.
These agricultural forums will host more than 150 farmers in Mubende, Lira, Anaka, Bweyale, Hoima, Masindi and Gulu districts. The farmers will be engaged on essential agricultural tactics to consider for business growth and longevity.
“We are setting out to impact farmers’ livelihoods with nationwide agriculture forums intended to equip them with knowledge and skills for their businesses,” said Doreen Nyiramugisha, Head of Marketing and Communications at PostBank.
“As the planting season begins in most parts across the country, we intend to use these forums not only as a platform for us to dialogue with all players in the agriculture sector, but as an opportunity for us be the catalyst and transform the lives, livelihoods and bottom line of all farmers who have braved these unprecedented times,” Ms. Nyiramugisha added.
In 2019, PostBank Uganda was awarded as the market leader in agricultural lending during the inaugural Bank of Uganda Agriculture Credit Facility (ACF) Awards.
As part of the Government’s stimulus package to support the recovery of businesses from impacts of COVID 19, PostBank together with Uganda Development Bank (UDB) provide 13% interest financing to small, medium, and large enterprises.
The package is tailor-made for businesses in the production of essential goods and services for import replacement and export promotion. The targeted UDB/PBU fund beneficiaries are in sectors such as primary agriculture, Agro Industrialization, and manufacturing/industry. MSMEs in agriculture sector are eligible up to UGX. 2Bn financing at 13% interest rate to support them in acquisition of farm inputs, acquisition of mechanization equipment, improvement of farming methods, improvement in breeds and varieties of crop and livestock and support to general farm activities.