The Buganda Prime Minister, his deputies, and the CEO of Airtel Uganda
In a resounding display of support for the Airtel IPO, BUDDU CBS PEWOSA along with Kyadondo CBS PEWOSA Savings and Credit Cooperative Society Limited, both significant financial institutions under the esteemed Buganda Kingdom, have announced investments in Airtel’s Initial Public Offering worth 1.10 billion shillings.
Owek Charles Peter Mayiga, the KATIKIRO of Buganda, commended BUDDU CBS PEWOSA SACCO and Kyadondo CBS PEWOSA SACCO for their dedication to uplifting the Buganda community and fostering economic growth. He stated that CBS PEWOSA SACCOs were established to guide radio listeners how to change their lives. It starts with them caring, trying to do something, having someone to team up with, and finding markets for what they produce. These are the goals of different CBS PEWOSA SACCOs.
He urged people not to be afraid of saving because it is one of the ways to invest and generate profits, and if they further explore this way of investing, they will greatly benefit. In total, the Kingdom has invested 1.21 billion shillings in Airtel's Initial Public Offer (IPO).
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.”
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 SACCOs 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.