“In October 2014 ToroDev organized an annual conference and one of the components handled was encouraging the members of advocacy forums to initiate village savings as the only way to sustain the work of the forum and themselves. As a forum we learnt a lot and immediately in the month of November we started our savings group as a forum, we are happy that this has helped us, when there is need we don’t get stuck, we have money to support our work, our businesses and to improve the livelihood of the forum members”. Said Muhindo Ezra the leaders of Forum for Katebwa sub county NGOs/ CBOs advocacy.
Ezra added we already have over 35 members saving every week, saving a minimum of 5,000/=, members who are not part of the forum also save with us, and at the end of every week we collect over five hundred thousand (500,000), which is good money every week and incase a member needs help we give him or her money at a smaller interest of 5% which is affordable and manageable by most of the members.
List of the saving group of Forum for Katebwa sub county NGOs/ CBOs advocacy.
“The money that is not borrowed out is kept in the saving box, which is safe and well protected, it stays with the treasurer of the group and opened at the end of the month to know how much is saved every month , to me this saving group has helped so many people who come to borrow the money and invest it wisely, some have invested it in coffee businesses ,some in maize businesses, some in goat rearing , some in poultry and some in retail shops”. Said Mukebezi Joseph the treasurer of the saving groups.
Ezra and Jospeh with the group saving group.
Jospeh added the truth is, as leaders of the forum we don’t stop at giving out the loans but we take a step to go out and monitor all our clients that borrow from us, to see the progress of their businesses , to encourage, motivate and evaluate them after a period of 3 months , to our surprise our clients are doing fairly well, am happy that they have not given us hard time to pay back the loan and the interest on time.
Sheila Amanya M&E ToroDev with the members of saving group during the evaluation meeting in June 2016
“We are grateful to ToroDev for taking us through the Financial literacy training at the mountains of the moon university and for organising the annaul conference that opened our eyes to see the benefits of saving, we are no longer looking for loans from banks and other saving groups, we have something that can help us and the members of the community, the community trusts us and they are saving with us to have more funds.” Said Joy Bwambale the secretary of the saving group.
“Saving money, we all wish we were better at it, but most of us simply are not. For one reason or another, most people are just not good at saving money. A lack of discipline is probably the biggest reason behind this, as it really is fun to spend. Whether it’s clothes, eating, partying, electronics, cars we can’t afford, or vacations, we love to spend, as ToroDev we are happy for this step, keep it up”. Said Sheila Amanya M&E ToroDev.
We are grateful to all our partners for the support both financial and technical.