Tayebwa tips MPs on investment for retirement
The Deputy Speaker, Thomas Tayebwa has urged legislators to invest their money wisely and guard against the possibility of turning into beggars at the end of their terms.
“As Parliament leadership, we want to focus on enabling and guiding you as colleagues on how best you can use your money to make more money so that the moment you leave Parliament, you are not a beggar on the street the next day,” said Tayebwa.
Tayebwa said there were legislators from previous parliaments who engaged in businesses that led them into poverty after their term office, a trend he said should never re-occur.
Tayebwa made these remarks as he launched the ‘Stanbic for Her’, an initiative of Stanbic Bank and the Parliamentary Forum on East African Community Affairs. The launch was held on Tuesday, 12 July 2022 at Parliament.
The Deputy Speaker said MPs ought to be role models as government takes on the fight against poverty at house hold level.
Tayebwa called on Stanbic Bank to use more platforms in Parliament and equip legislators with skills sufficient to run their own businesses and in turn, champion similar investments in their constituencies.
“Before you go for ‘Stanbic for Her’, before you go for that local woman, my colleague MPS can be made ‘model women’; with our salary of Shs6 million and a few allowances, you can guide us on how we can start business,” Tayebwa said.
AUDIO Deputy Speaker Tayebwa
He commended Stanbic Bank for teaming up with Parliament to reach poor women with affordable credit and financial literacy programmes.
“I assure you that the little money you save and invest in women, know you have laid a very strong foundation for your retirement,” Tayebwa said.
Tayebwa noted that the ‘Stanbic for Her’ initiative is timely as it will go a long way to bridge the gender related income gap.
“I welcome the decision by Stanbic Bank and partners to aid the capitalization of women owned enterprises by providing easy access to affordable and low interest rates,” he added.
The Chairperson of the Parliamentary Forum on East African Community Affairs, Hon. Dickson Kateshumbwa said the forum is currently focusing on enabling women engaged in cross border trade on realizing that a substantial number is involved in trade but lack capital and financial literacy.
“I used to head customs and I know there are many women involved in cross border trade and sometimes they have challenges. Most of us who are involved in supporting women in our constituencies, any opportunity we have to increase their financial literacy or programmes that can help them grow, we like to take on such opportunities,” said Kateshumbwa.
He applauded Stanbic Bank for the trainings offered to women especially those in constituencies along the borders.
The Chief Executive Officer, Stanbic Bank, Anne Juuko pledged Stanbic’s commitment to reach the most rural Ugandans in its partnership with Parliament’s Forum on EAC affairs.
“We want to provide financial services to the lowest of Ugandans at a place they can access, in a language they can understand and most important at a cost they can afford”, said Juuko.
She also emphasized their focus on use of technology to reach rural people who she said have been left out for long.
“How can we get the farmer in your most rural constituency to benefit and uplift themselves using technology? Can we translate technology to be in Acholi? If you are going to teach me financial management, can you teach it to me in the language I can understand?” Juuko asked.