dfcu Bank has announced a partnership with The Agriculture Development Centre and Rabobank in an effort to support Farmer Based Organisations and Cooperative Unions across the country realize self-sufficiency; as an effective tool to transform the agricultural sector in Uganda.
The announcement was made at an event in Lira that was attended by various stakeholders and farmers from the region.
Speaking at the event, dfcu Bank’s Head of Corporate and Institutional Banking, Godfrey Mundua said the partnership between ADC, Rabobank and dfcu Bank is aimed at supporting farmer organizations become profitable, sustainable and ultimately bankable.
“The agricultural sector of Uganda is the backbone of our country. By proving employment for millions of Ugandans, it directly grows our economy. “dfcu Bank has always committed to the empowerment and growth of the agricultural sector in Uganda. Besides providing financial banking to our farmer clients, we have developed products that are tailor-made to meet the needs of their businesses- both as individuals and groups.”
The Agriculture Development Center will equip Cooperatives and Farmer Based Organizations (FBOs) with agribusiness skills through trainings in governance, financial management, financial literacy and marketing skills.
Godfrey Mundua concluded by emphasizing on the value of the partnership; “By partnering with The Agriculture Development Center and Rabobank, we will provide farmer based organizations in the region with the necessary skills that will eventually make them eligible for credit financing from commercial banks.
“By providing training skills in governance, financial management, financial literacy and marketing, we believe that the Farmer Based Operations will continue to grow their operations in ways that are of benefit to both them and the wider communities.”
The Executive Director of The Agriculture Development Centre; Ir. Anja de Feijter commented on the positive impact the partnership will have on farming communities across the country.
“ADC envisions promoting self-sufficiency as an effective tool to transform the agricultural sector in Uganda. This can be achieved by strengthening Farmer Based Organizations in respect of efficiency and creating economies of scale, in order to make them profitable, sustainable and bankable enterprises that are able to provide efficient and effective services to their farmers.”
The Agriculture Development Center started its operations in October 2017 in Eastern, Western, and Northern Uganda. Lira is the first District whose Farmer Based Organizations received a two-day training on various agribusiness skills including; governance, financial management, financial literacy and marketing expertise.