UGANDA – Kampala | Real Muloodi News | Business Focus recently ran a question-and-answer session with Anjella Ndawula, the Head of Business and Institutional Banking at Housing Finance Bank. Their central topic of discussion was their Kingdom Development Organ (KIDO) partnership with the Church of Uganda.
Ndawula explained that The Kingdom Development Organ (KIDO) is a social-economic program supervised by the Archbishop and the Bishops of the Church of Uganda. They intend to increase resource mobilisation, health, and education services under the church. It also aims at improving lives through easy access to secure, affordable, unsecured loans to spur investment and income generation.
Ms. Ndawula explains that Housing Finance Bank’s purpose is to drive home ownership and financial independence. Through this partnership, Housing Finance Bank and Church of Uganda will help to realise this for members of church parishes and dioceses.
KIDO launched in April this year. Ndawula said it was after a series of consultations with the church where practical details were satisfied that led to the program launch.
The Church of Uganda has 37 dioceses, with each diocese having approximately 20,000 members. KIDO is empowering these members to save through their different dioceses, and they will also be able to access some benefits, namely;
- Each member will access a loan of up to USh 2,000,000 to invest in education and health.
- A 50% interest accruing from the members’ fixed deposits and any other investments made using the collections will return to the individual members.
- The bank will also allow individual members access to between USh 500,000 to 30,000,000 loans to spur entrepreneurship.
- Some members will also enjoy insurance benefits, which she says will include a basic package at an annual premium of USh 50,000 attracting a cover worth USh 2,000,000 and a classic package at USh 150,000 for a cover worth USh 3,000,000.
- Other packages are also available for higher premiums.
At Housing Finance Bank, Ms. Ndawula explains various value propositions they bring to the partnership. These include;
- The provision of a quick and safe collection platform for members’ savings.
- Through agent banking, members can conveniently save at nearest branches, which savings are deposited in fixed accounts for members to use after that.
Ndawula told Business Focus that they have set up a system that identifies members through a unique number to track how much each member has saved.
Even though the program can benefit the public irrespective of religious denomination, Ndawula says all one needs is to belong to a church diocese.
READ MORE LIKE THIS: