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Andrew Murugu, the country head for Stanbic Bank (L) and Peterson Magoola, the UN Women country representative

UN Women partners Stanbic bank to boost livelihoods of vulnerable women

Stanbic Bank South Sudan and UN Women on Thursday signed a Memorandum of Understanding to extend financial and in-kind assistance to women and young girls in the country.

Andrew Murugu, Country head of Stanbic Bank said the agreement will support women’s economic empowerment for three years.

“Inequalities in income and opportunity remain high for women in East Africa, where over 70 percent of women still lack decent work,” Murugu told journalists at Pyramid Continental Hotel in Juba on Thursday.

He said that Stanbic Bank is dedicated to assist women through financial and non-financial solutions.

Peterson Magoola, the UN Women Country Representative, said the intervention will be a comprehensive approach to the economic development of women in South Sudan, adding empowering women also benefits children.

“We strongly believe that combating deep-rooted gender inequalities through economic empowerment of women, and deliberate support for their development have foundational health outcomes for women and their families,” said Magoola.

Under the MoU, several women groups will be provided with a grant of between $1,000 -$5,000 (U.S dollars) as startup capital.

“The MoU is based on the belief that economic empowerment for women benefits not only individual women but also their children, households and communities. This collaboration is significant because organizations like Stanbic Bank are enablers of financial inclusion and opportunities that drive positive change,” said Magoola.

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