GRASSROOT UNITY IS VITAL IN FINANCIAL INCLUSION

 At a recent financial literacy training that I conducted for group leaders it was evident that no community is devoid of resources. The so many big financial institutions such as Equity Bank that started as a small building society and is now a financial conglomerate teaches us that without unity at the grassroot there cannot be meaningful development. 

Over 70% of Uganda's population is below the age of 30 years. One of their biggest obstacle is lack of access to decent jobs and capital to grow their businesses. The youths of Uganda are very entrepreneurial and this is attested to globally. However most of their ventures collapse within one year. This means that community groups are a very good medium for mobilizing savings among the youths. Many youths can pool resources jointly and start income generating activities . Many youths are on online WhatsApp groups. These tend to discuss various issues ranging from finance to entrepreneurship. Perhaps it is high time the discussions are elevated to how to turn these social groups into investment vehicles. I have found many youths at Boda Boda stages discussing sports (which is not bad)but these discussions can also transform into business discussions where youths can combine efforts to form investment groups.

From my banking experience I have discovered that banks prefer to partner with organized groups. For the past 5 years Equity Bank has provided financial literacy training and enterprise education to over 100,000 youths in groups and the stories of transformation are a motivation that when youths are organized in groups they can develop faster than when they work in isolation.

I know of a group of university students who formed an investment club and today it is worth in billions and has invested in various ventures including real estate. I know of another group of youths from a secondary school who decided to transform their online group into an investment club and have since bought land in Ndejje where they plan to establish a city. These are all examples of the power of unity. Whenever a group of people with a common objective unite and pool resources there is potential for meaningful development.

However for groups to benefit members, there is a need for effective leadership, effective guidelines , a long term vision, strict discipline and continuous training and capacity building.


For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa

Personal Finance Coach( CPC)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link.

0752615916

For Financial Freedom and Sustainable Enterprises.

Comments

Post a Comment

Popular posts from this blog

ACRE OF DIAMONDS

 According to Dr. Dennis Kimbro in his book Think And Grow Rich  every human being is an acre of diamonds. In simple terms we have more potential than we can imagine. With adequate self reflection this statement can change any person's life. It is Dr. Myles Munroe who noted that without knowing our purpose on earth we are likely to lead a less impactful life. The question that has been asked by many leading scholars is why are some people more successful than others? Is it family background? Is it luck? Is it the country where they were born? Unfortunately no body has a clear answer to this contradicting question. Hellen Keller was born blind but by the time of her death she was a very successful leader. Oprah Winfrey had a tough childhood but is now one of the most influential leaders in the world. Nelson Mandela was imprisoned for 27 years but became the president of South Africa. From the above case studies it is important for each one of us to learn a lesson. We have more...
Read more

A SAVINGS PLAN CAN AID IN FINANCIAL ADVANCEMENT

 I remember during the Trainer of Trainers training conducted by Bank of Uganda we were encouraged to develop a savings plan. This was a key development because without a plan we may live in financial darkness. In my years of providing financial literacy across the country especially youths I have observed that the intangible practices that may be undermined play a big role in the big picture. I have been asked a question, "how can one save yet their needs exceed their income?. It is a tough question but the best practice remains that even in the hardest of circumstances we should prioritize saving .This is because we do not know what the future holds. As humans we forget so fast. Who remembers during the lock down of Covid-19 when people were not working. Life was extremely tough. It was an opportunity to reflect about the importance of savings during good times. A savings plan enables a person to determine why they are saving. It could be for school fees, buying a plot, a car an...
Read more

WE CELEBRATE GRADUATION BUT AFTER THAT WHAT NEXT ?

 Uganda is officially dominated by young people. Over 50 %of the population are youths. With a high population the job market also shrinks yet people need to survive. It is the means of survival that create social pressure. The unemployment dilemma in the country can be dissected from different angles and each person or all stakeholders have a critical role to play.  Universities and other institutions of higher learning produce over 300,000 graduates per year. The job creation rate is about 70,000 jobs per year. This means that the job market is narrow. It is a common sight to see over 100 applicants for one job. This is a signal that something drastic must be done to change this trajectory. Development partners such as government, private sectors and donors such as Master Card Foundation are playing a critical role in addressing youth unemployment. In fact this suggests that fight against youth unemployment must be multifaceted.  During graduation season it is justifiab...
Read more