dfcu Bank, in partnership with NTV Uganda and Price Waterhouse Coopers (PwC) have launched Season II of the Investment Clubs Challenge dubbed ‘Battle for Cash.’ Battle for Cash is a nationwide campaign targeted at instilling a savings and investment culture in Uganda.
In 2017, dfcu Bank held a six-month long campaign that had its teams go round the country carrying out regional saving and financial literacy workshops. Some of the topics covered included; Why and how to save, where to invest money so it can grow, things to think about when thinking of investing and so much more.
This was aimed at changing the perceptions and attitudes about money, savings and investments. With over 200 investment clubs applying to enter the campaign, 20 clubs were selected and pitted against each other in a competition that saw Geneber Outspan Organic Farmers from Amolatar emerge as overall winners walking away with a cash prize of UGX 25 million.
As part of several efforts to promote a savings culture in Uganda, dfcu Bank introduced the Investment Clubs program in 2007 providing a conducive platform to foster group savings.
The dfcu Bank program has since grown with over 15,000 active Investment Clubs that cut across all segments including students, the professionals, women and youth. Following last year’s inaugural campaign, dfcu registered an increment in Investment Clubs with over 6,000 Clubs being set up from July 2017 to date.
Speaking during the launch of the second season of 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 Season 1.
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.”
The clubs that took part in the six-month challenge benefited a lot from the theoretical and practical sessions with the 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.
“The growth and change we have seen in the clubs that took part in the challenge last year is commendable and is directly in line with our brand promise of Making more Possible,” Sekabembe added.
Season II promises to present participants with intense and more 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.
The ‘Battle for Cash,’ challenge will provide a free platform to Investment Clubs to showcase their success stories over a period of six (6) 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.
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 UGX. 30 million. Registration for this year’s challenge starts on 27th June 2018 and will go on till the 26th August 2018. The TV show will start airing on NTV Uganda in September.
The NTV Uganda Managing Director, Johnson Omolo said: “At NTV we are happy to be part of ‘Battle for Cash’ for the second year running together with our partners dfcu Bank and PwC. As a leading broadcaster, we value financial literacy and investment clubs as a catalyst to behavioral change for both our audiences and Ugandans at large and there is no better platform than ‘Battle for Cash’. We promise to deliver an entertaining and action packed production for Season 2.”
Over UGX 100 million in prize money has been set aside for the best Investment Clubs. Additionally, one delegate from each of the 20 selected clubs that will enter the competition will be sponsored to attend a study tour in Nairobi to share experiences, network, and widen their knowledge and contacts. This as the top seven (7) clubs receive free business advisory services, from PwC for a period of one (1) year.