Empowering Communities
Imagine being able to create your own bank as a community and being able to experience financial freedom, independence, promise and hope. This is what Wise Choices for Life - Uganda is achieving by coaching and mentoring communities to understand, develop and establish a VSLA and move to being able to formally register as a Community based Organisation (CBO)
Village Savings & Loans Associations
Pictured here, the Tusobola Mens Group meeting together and one of the Women’s Savings Groups receiving their Savings Kits.
In the last 12 months our support has enabled Wise Choices for Life-UG to establish 17 Savings Groups which are now at varying stages of development and growth. This has involved activities like creating the group’s constitution and bylaws, keeping an eye on how each member's business is doing, making sure the group's records are kept up to date, and urging members who borrowed money from the group to repay it on time were all monitored. This keeps the VSLA groups active and safe while also assisting each organisation (VSLA/Savings Group) in keeping track of the activities the groups are engaged in.
Savings Total UGX 28,056,500
Accumulated Savings across the 17 saving groups' combined since July 2022 is UGX 28,056,500/= Total Savings
Members have been able to borrow a total of UGX 25,943,000/= in loans to start up Income generating Activities and expand their small businesses.
Testimonies
Having a saving group run by people from my own community gives me a good incentive to work hard and save a lot since I witness other group members saving more money each time we get together to save. Not only that, but the savings group is assisting me in lessening the stress I used to experience whenever I borrowed money from Micro Finance institutions which levy high interest rates and give short loan repayment period.
Before joining the saving group, I would spend all of the little money I received. I joined a savings group in July 2022 and began saving from that point on with the intention of buying a piece of land. I have lived in rented houses for most of my life; however, in December 2022, I obtained a loan from the group and purchased a plot of land in a nearby village. After sharing my end-of-cycle one money, I intend to begin building a house in September 2023
Success Stories
"I'm Aisha, a married 39-year-old mother of seven. I live in In Sisye Cell, Mbale City. I am part of the VSLA group called "ABADDE KATONDA."
"Prior to joining the WCFL Savings Group, I had belonged to various Saving Groups that were not governed by the WCFL organization. I had already begun running my small business, but it was not expanding due to my lack of experience in small business management.
Since I joined the WCFL Savings Group, my business has improved because of the information I've acquired through participating in various trainings, such as entrepreneurship trainings which have helped me to improve on my welfare.
I gained knowledge of business skills like critical thinking, communication, creativity, and stress management through entrepreneurship trainings. I can now manage and operate my business. I am now able to borrow money from the group, put it toward my business, and repay it on time. I'm competent at calculating my profits and making payments to myself. Today, my business is expanding daily.”
We are extremely appreciative to WCFL for bringing such a life-changing initiative to our community. I wish you many blessings from the Almighty God.