Equity Bank Uganda and the Bunyoro Kitara Kingdom have signed a Memorandum of Understanding, to facilitate and strengthen collaboration between the two entities in the areas of enterprise development and financial inclusion, energy, and environment, food and agriculture, education, health, and oil and gas.
The signing ceremony took place at the kingdom headquarters in Hoima.
"The MoU shall drive a sustainable and scalable approach to social and economic transformation in the kingdom through a scholarship fund, internship, adolescent sexual and reproductive health and low-cost financing of health providers among others," said Elizabeth Mwerinde Kasedde, the Executive Director Public Sector and Social Investments at Equity Bank.
She noted that the agreement between the two entities will help in expanding socio-economic opportunities for the population at the bottom of the economic ladder.
The Bunyoro Kitara Kingdom Prime Minister, Andrew Byakutaga said, "Today is yet another milestone. We are here to sign a Memorandum of Understanding which will guide the two institutions to collaborate in areas of social service, gender, tourism, and production."
"We realized that our people still have challenges of managing financial resources hence the need to empower them with knowledge and skills for them to make informed financial decisions. We pray that this partnership grows to give us the fruits we desire to see in our region."
Through programs run by Equity such as Young Africa Works and products such as EquiMama, the parties shall work to scale up financial inclusion and shared prosperity through financial literacy to the Bunyoro population, especially women and youth in their organized groups.
Also, financial support to agriculture in the kingdom, especially women groups, Saccos, livestock value chain and unlock local content in the food supply.
The two entities shall also collaborate on climate change mitigation and adoption initiatives such as environmental conservation and implementation of carbon offsetting programs such as tree planting, natural forestry conservation, and horticulture.
Equity Bank will also support renewable energy programs such as solar and clean cooking.
The two parties shall also cooperate in areas of mutual concern related to the commercial activities across the oil and gas value chain and mitigating the negative impact of petroleum.