By Mulengera Reporters
In line with its well stated desire to be at the forefront of financial inclusion deepening in Uganda, Postbank Uganda (PBU) has once again acted very innovatively. Taking advantage of the government of Uganda very liberal refugee policy that includes permitting members of the refugee community to get allocated land dwellings and participate in productive economic activities, PBU management has rightly concluded there is growing demand for banking services amongst refugees now numbering over 1.4m of them scattered in the numerous settlements in Uganda. Gratefully many of these refugee settlements are located in deep rural area places where only inclusion-driven PBU can reach.
Utilizing land magnanimously allocated to them by the GoU, refugees engage in shelter construction, crop production and even run businesses. This clearly indicates growing need to access dependable, flexible and affordable banking services which PBU is famous for. Gratefully, PBU has already been having a basic relationship with refugee communities being the financial institution of choice through which the WFP monthly stipend is delivered to members of the refugee community.
It’s from this WFP stipend-related interaction that PBU executives came to realize potential to do more among the refugee community including permitting them freedom to open and operate both saving and transactional bank accounts.
MD SPEAKS OUT
According to PBU Ag MD Edwin Keronga, PBU will for the start be offering two banking products specially-tailored for refugee needs. And these are “Refugee Save as you Earn Account” and “Refugee Transactional Account.” Keronga explains that Refugee Save as you Earn account “is a unique product for refugees who want to save and earn an attractive interest for future prospects.” The Ag MD defines the Refugee Transactional Account as “the very flexible account suitable for refugee individualized banking.”
Addressing reporters at PBU offices, Keronga also reflected on the expected transformation that will see the refugee community in Uganda become self-reliant halting the need to depend on humanitarian aid from UN agencies like WFP and UNHCR. This escalation of economic activities among refugees is expected in the next 5 years from now and it’s this business opportunity that PBU is prudently positioning itself for. Officials clarify that the idea is to make some money for the bank while delivering dependable and affordable banking services for members of the refugee community.
MORE CLARIFIED
PBU Senior Manager Marketing & Communications Jackie Tahakanizibwa Kwesiga says the uniqueness lies in the fact that PBU banking services are secure and affordable to low income groups including refugees. PBU Ag Executive Director Benon Rukundo corroborated on Keronga’s remarks adding that “PostBank is a socially-oriented bank committed to changing and empowering lives for a better Uganda.”
The Ag ED explained this is done by inclusively providing all people with “easy, accessible, affordable and flexible financial products and services.” Remarkably PBU has always been an advocate for voluntary savings for all the refugees in the country as part of its broader policy of deliberately being a bank that champions financial inclusion.
ELIGIBILITY CRITERIA
Kwesiga enumerated the requirements for eligibility for any refugee to open and operate any of the PBU bank accounts to include production of proper identification such as refugee attestation form and refugee ID or a referral letter by any known bank customer. It can also be a recommendation letter from the Commandant of the respective refugee settlement where one is ordinarily resident.
Gratefully, Kwesiga disclosed, there won’t be any monthly charges on the accounts operated by members of the refugee community. This, she explained, is aimed at encouraging refugees to save for future prospects. Yet that isn’t all. Additional benefits include 8% interest per annum; free deposits; permitting one free withdrawal per month making them 12 free withdraws annually; mini statements being free and internal standing orders being free.
Yet that isn’t all. The refugee account also comes with a smart refugee savers card and regular SMS alerts. The Refugee Transactional account will equally attract no monthly charges and offer competitive interest besides coming with availability of statements upon request. Customers will also be assured of affordable local & global account transfers as well as 24-hour banking enabled by PostBank Mobile and Internet platforms. PBU will also permit such accounts to be held individually or even jointly at any of its 42 branches across the country. Gratefully, 80% of the branch network is upcountry. Wide access to PBU banking services is enabled by smart cards and ATM services linked to over 423 inter-switch member partner ATMs.
