Over 100 Million will be given away to Investment Clubs in this year’s battle for cash by DFCU Bank. Last year during season one, several investment clubs bagged money to finance start up projects, as part of DFCU Bank’s initiative to foster development in Uganda.
Speaking during the launch of the second season of the Battle for Cash, the DFCU Bank Chief of Business and Executive Director, William Sekabembe said; “Financial inclusion is a major agenda for DFCU Bank. We have been taking the lead on this since 2007 when we introduced the Savings & Investment Clubs. We believe that providing financial literacy is critical in driving financial inclusion in a sustainable way. As we launch the second season of Battle for Cash, we will be looking to build on the achievements of the first Season. There was a positive response to the campaign in respect to the financial literacy workshops across the country and the competition in general so we believe there is a greater opportunity to raise more awareness and challenge notions about savings and investments.”
Last year, a six months long campaign of the battle for cash started, where teams from DFCU Bank went around the country carrying out regional saving and financial literacy workshops with topics aimed at changing the perceptions and attitudes about money, savings and investments. Geneber Outspan Organic Farmers from Amolatar District in Northern Uganda emerged overall winner in a competition that started out with Over 200 investment clubs, walking away with a cash prize of UGX 25 million.
The clubs that took part in the six-month challenge benefited a lot from the theoretical and practical sessions with specialist trainers in different areas of business. The clubs were challenged to re-examine how they run their operations, aspects of governance, their investment ideas, their savings models and so much more.
This years ‘Battle for Cash,’ challenge will provide a free platform to Investment Clubs to showcase their success stories over a period of six months. Additionally, clubs which are able to present innovative investment ideas and demonstrate the ability to consistently pool savings towards the realization of their objective for a minimum period of six months will be eligible to enter the competition. They will have the opportunity to show case their ideas and investment projects on NTV Uganda.
The second Season promises to present participants with more intense and challenging tasks and even greater learning opportunities. According to Miranda Bageine Musoke, the Manager dfcu Investment Clubs, there will be more winners and prizes and greater audience engagement.
“We have maintained the financial literacy workshops and regional prize draws to be held in 6 regions of the country to create more awareness and involvement in the campaign. In terms of categories we have maintained the special category for Women Clubs and Youth to increase their chances of winning. Unlike last year when the audience only got a chance to vote for the Clubs that would win, this year we will be involving the public in the competition right from the start of the show. As the audience follows the show every week, viewers will be able to vote for their favorite Investment Club to stay in the competition till the end. This will serve as a motivation to the club and also increase audience engagement,” she added.
DFCU bank has increased the overall cash prize for the second season of ‘Battle for Cash’. In comparison to last year where the winners got UGX. 25 million, this year, the winners will walk away with a cash prize of UGX30 million.
