Household poverty linked to bad financial behaviors

Speaking Tuesday during the official opening of a 5 day training of over 1000 members of Ikwera SACCO at St. Margret Girls’ Primary School in Aduku Town Council, Kwania district, Collins Agaba the program Manager for Project of Financial Inclusion in Rural Areas (PROFIRA) says the training is to educate members of the community on financial education.

Agaba says the training will enable trainees become financially literate, adding that due to poor financial behaviors, it has caused poverty in many households.

Agaba revealed that the midterm report released by PROFIRA, on the performance of different SACCOS in Uganda, it indicates poor performance among SACCOS in Uganda is due to fraud, problem of governance, members defaulting payment of loans, low volume
of business and poor financial behaviors among members.

He added that out of 453 SACCOS in Uganda supported by PROFIRA, only 77 have not suffered any problems, 141 have at least one problem, and the rest have suffered more than three problems, describing it as a ‘dead SACCO’.

However, Robert Odur the Chairperson Board of Directors Ikwera SACCO says the SACCO was able to partner with MOBIS, Uganda Cooperative Alliance, AMFIU which he believes will help them to address their challenges and meet the minimum standard required by donors.

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