In a move set to transform local economies and environmental stewardship in Rakai District, Housing Finance Bank has partnered with Kooki Kingdom, a constitutional cultural institution, to advance financial inclusion and sustainable development. The partnership was formalized through a Memorandum of Understanding signed on Friday, marking a first-of-its-kind collaboration between a commercial bank and a traditional kingdom in Uganda.
Kooki Kingdom, headquartered in Rakai, plays a pivotal role in mobilizing communities, preserving cultural heritage, and supporting local livelihoods. The partnership with Housing Finance Bank aims to bring formal banking services closer to residents while promoting economic empowerment, environmental sustainability, and community-led development.
Speaking at the signing, Housing Finance Bank Managing Director Michael Mugabi highlighted the significance of aligning banking services with trusted local institutions. “True financial inclusion is not achieved by products alone, but by presence, partnership, and purpose. By working with Kooki Kingdom, we are building local economies, strengthening resilience, and ensuring growth is inclusive, sustainable, and rooted in the aspirations of the community,” Mugabi said.
At the heart of the MoU is the introduction of a Super-Agent banking model supported by the Bank’s newly launched Masaka Branch. This model will enable residents to open accounts, save, make digital payments, and conduct everyday banking transactions within their communities.
The partnership envisions expanding this presence into a Contact Centre and eventually a fully serviced branch, creating a lasting financial footprint in Rakai District.
The collaboration goes beyond basic banking. Housing Finance Bank will implement financial literacy programs and economic empowerment initiatives, offering tailored solutions for individuals, households, SMEs, SACCOs, cooperatives, and local institutions. Dedicated Kingdom project accounts will also be managed to ensure smooth execution of development initiatives and transparent financial management.
Environmental sustainability is a core pillar of the partnership. In line with Housing Finance Bank’s “Tiny Forest Initiative,” which aims to plant one million trees by 2027, the two parties will implement tree-planting projects on 150 acres of land in Rakai. Housing Finance Bank will provide seedlings, technical guidance, and community mobilization, while Kooki Kingdom will contribute land and coordinate participation. The initiative is expected to enhance climate resilience and promote green growth across the Kingdom.
Rt. Hon. Prime Minister Idd Ahmed Kiwanuka welcomed the partnership, noting its potential to translate national development policies into tangible community benefits. “By linking financial services with local leadership and sustainable practices, we are creating a model that empowers households, businesses, and the environment for generations to come,” he said.
As the festive season approaches, the collaboration offers households and businesses in Rakai the chance to access financial services conveniently while contributing to environmental conservation. By combining the Bank’s financial expertise with Kooki Kingdom’s cultural leadership, the initiative aims to unlock new economic opportunities, deepen financial participation, and foster sustainable, community-led growth in the region and beyond.
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