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Kampala, Uganda | THE INDEPENDENT | Sugarcane farmers in Busoga can now access up to Shs100 million in unsecured farmer loans repayable within two years at an interest rate of 2% per month courtesy of a new partnership between Stanbic Bank, Kakira sugar works, and Busoga Sugarcane Growers Association.
Dubbed the Stanbic Sugarcane Farmer Solutions, the offering was launched at Kakira Sugar Factory in Jinja on Tuesday. It was attended by farmers under the Busoga Sugarcane Growers Association, officials from Stanbic Bank, Kakira sugar works, and the Busoga Kingdom.
The initiative is designed to help cane farmers cover their grower expenses or expand acreage to enhance their output and meet the rising demand for sugar both locally and across East Africa. Under the same Stanbic deal, cane growers will also access medical insurance cover for themselves and their main dependents from as low as Shs600,000 per person annually with Stanbic MediProtect.
The health cover caters to In-patient, Out-patient, Maternity, Dental, and Funeral cover for immediate and extended family members with no age limits. Furthermore, Stanbic will organize financial fitness sessions at no charge for farmers. The sessions will be conducted in English and local languages by experts in areas like saving and investments, managing expenditures, debt management, and how to protect their wealth.
