Business

Buganda’s Buddu, Kyadondo CBS PEWOSA SACCOs invest in Airtel’s IPO

Members of Kyadondo CBS PEWOSA Sacco in a group photo with Airtel Uganda's Managing Director, Mr. Manoj Murali (Photo/Handout)

Kampala, (UG): Buganda Kingdom’s significant financial institutions; Buddu and Kyadondo CBS PEWOSA SACCO Ltd have announced investments in Airtel’s Initial Public Offering in a resounding display of support for the Ugandan telecom giants.

The landmark decision by both SACCOs to purchase shares in Airtel’s IPO was marked by an illustrious event on Thursday, October 12, staged at Bulange, Mengo. The ceremony saw a gathering of distinguished attendees, including representatives from the Buganda Kingdom, CBS PEWOSA leadership, members of the cooperative societies, Airtel IPO partners, Airtel Managing Director and team, all presided over by the KATIKIRO of Buganda, Owek Charles Peter Mayiga.

The involvement of both BUDDU CBS PEWOSA SACCO in this initiative stems from the CBS-PEWOSA program, an acronym for “Project to Empower Ugandans in Buganda through Savings and Loan Associations.” This program has a commendable history of community engagement.

Since its inception in April 2009, the program has focused on mobilizing, training, and equipping various groups, with a specific emphasis on women, who comprise 75% of its participants. This effort extends to essential skills like savings mobilization, leadership, and credit management.

Buddu CBS PEWOSA SACCO members in a group photo with Mr Manoj Murali, Airtel’s Managing Director

The overarching vision of CBS-PEWOSA is to enhance the quality of life for the people of Buganda and Uganda as a whole, and their achievements over the years have been substantial. These accomplishments include the formation of numerous groups, training in financial management, empowerment of women, and the facilitation of youth engagement in vocational skill development.

A crucial aspect of BUDDU CBS PEWOSA SACCO’s and Kyadondo CBS PEWOSA SACCO’s commitment is the support they receive from Ssabasajja Kabaka Muwenda Mutebi II, who consistently expresses concern for the well-being and prosperity of his subjects.

Mr. Manoj Murali, Airtel’s Managing Director, expressed his heartfelt gratitude for the significant investments by BUDDU CBS PEWOSA SACCO and Kyadondo CBS PEWOSA SACCO.

He stated, “We are honored by the trust and confidence that BUDDU CBS PEWOSA SACCO and Kyadondo CBS PEWOSA SACCO have shown in Airtel’s vision and growth prospects. Their commitment to investing in the Airtel Uganda IPO is a testament to the strength of our offerings and the potential we see in the Ugandan market. We look forward to long and mutually beneficial partnerships with both SACCOs.”

Owek Charles Peter Mayiga, the KATIKKIRO of Buganda, commended BUDDU CBS PEWOSA SACCO and Kyadondo CBS PEWOSA SACCO for their dedication to uplifting the Buganda community and fostering economic growth.

“The support from BUDDU CBS PEWOSA SACCO and Kyadondo CBS PEWOSA SACCO towards the Airtel IPO aligns perfectly with our shared vision for progress and prosperity within the Buganda Kingdom. Their commitment to this investment demonstrates their commitment to improving the lives of our people. We are deeply grateful for their contributions to our community’s economic development and applaud their unwavering commitment to this noble cause,” he stated.

Katikkiro Charles Peter Mayiga

BUDDU CBS PEWOSA SACCO, a locally-based wholesale finance company, has been a cornerstone of sustainable financial solutions in the Greater Masaka region of Uganda. Committed to empowering local communities, they have embarked on a journey to strengthen the economic landscape of the Buganda Kingdom.

Kyadondo CBS PEWOSA SACCO, another respected financial institution under the Buganda Kingdom, is also dedicated to sustainable financial solutions and community empowerment.

Buganda Kingdom’s CBS PEWOSA plays a pivotal role in addressing the issues of poverty, thus contributing to the realization of the full potential of many Ugandans.

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