Local saving groups to benefit from shs.2b IFAD funds

By Emmanuel Rackara

International Funds for  Agricultural Development (IFAD) has targeted over 1250 rural saving groups in Uganda to benefit from its 2 billion Uganda shillings financial support.

The funds is to sustainably increase access to formal financial services and improve incomes to the locals on food security.

The development was disclosed late last month in Gulu district.

The project is a financial inclusion in rural areas with close supportive partnership of International Institute for Rural Reconstruction (IIRR).

The three year project shall benefit the people from mid North (Acholi and Lango), West Nile, Karamoja and eastern Uganda in which 70% of the group members must be women  and 15% youth who are matured.

According to Pamela Nyamutoka Katoroo, the country director of International Institute for Rural Reconstruction, the project value is to strengthen community saving groups, bringing innovations, partnership with  emphasis of ushering them to the formal market economy.

“We are engaging stakeholders to link these groups and help them achieve the available objectives,” she noted.

She further adds that these are going to be unique groups who will undergo skills and knowledge training.

However, Otto Ventorino, Specialist head of PROFIRA said the groups are expected to utilise ICT base approach, citing mobile money and encourage them to reinvest on the solid percent of profit realised.

He adds there is need to develop a catalogue of good practices for reorganisation of the groups other than cherishing shareout parties which leads to profit wastage.

Previous Are children of northern Uganda with nodding disease paying the price of war?
Next Uganda - UK Business Forum: Top World Companies interested in Uganda