KCCA ED KISAKA CALLS FOR FINANCIAL LITERACY EDUCATION FOR EMPLOYEES

KCCA ED KISAKA CALLS FOR FINANCIAL LITERACY EDUCATION FOR EMPLOYEES

There is need to impart financial literacy skills among employees in order to improve on their wellbeing and productivity.

According to the Kampala Capital City Authority (KCCA), Executive Director Dorothy Kisaka many people earn money but still need financial literacy to fully benefit from their earnings.

“We need to equip employees and other stakeholders on how to manage and grow their money in order improve their wellbeing,” Kisaka said.

This was during a meeting with officials from Standard Chartered bank who had paid a courtesy visit to her office on Tuesday March 15.

The team from Standard Chartered Bank included Margaret Kigozi the Country head of Corporate Affairs and Deus Turyatemba the Manager Sustainability, Diversity and Inclusion.

Some of the areas of prospectus partnerships that were discussed between the bank and KCCA were around green energy, climate change, accelerating zero carbon emissions, and lifting participation for women and the youth.

On climate change, Kisaka suggested partnerships like funding briquette making, waste recycling, green energy and tree planting.

“We have ghetto youths who are helping us in desilting the city and collecting waste. They can be supported to setup small recycling plants with in their communities,” Kisaka said.

She also asked Standard Chartered bank to amplify the Smart City campaign that is geared towards transforming Kampala into a modern city.

According to experts, implementing a financial literacy education program in the workplace can benefit institutions and employees by relieving stress, increasing productivity, improving on staff retention, and even improving employees’ business acumen.

“Financial literacy is key. Even us who consider ourselves elite, we are doing badly in financial management. You need to learn how to use the little money you have to grow it and develop yourself,” Kigozi said.

Financially literate employees tend to have greater focus and less stress, making them more effective.

“It is important to work together to change and transform our communities and KCCA is a great partner because you have the people and structures to reach them,” Kigozi said.

According to a report by Personal Finance Employee Education Foundation, nearly 1 in 4 employees are suffering from persistent financial woes.

“With financial education we have the capability to do it and can tailor programs for the staff here. It is doable and aimed at helping the people grow their wealth,” Turyatemba said.

Many Ugandans are suffering from financial woes due to lack of financial literacy skills.

Through the youth empowerment, entrepreneurship and decent employment program, Standard Chartered Bank Uganda through the NGO partner Voluntary Service Overseas are supporting youth in Kampala under the KCCA Employment Service Bureau.

The program worth UGX 1.05 billion is set to target 250 youth from Kampala and 250 from Wakiso district.

​​