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She made the call at the inaugural Annual National Microfinance and Savings Groups convened in Kampala today, 30th November.
“This conference accords us an opportunity to raise awareness, promote and enable the exploitation of opportunities in microfinance and savings groups,” Speaker Among said.
She added: “Currently there is the Microfinance Deposit-Taking Institutions (Amendment) Bill 2022 before the Parliamentary Committee on Finance, Planning and Economic Development. However, even if we commit to ensure its expeditious consideration, we need to harmoniously find a lasting solution to the challenges affecting the growth of the economy.”
With this legislation, she said savers will be able to reap the most from their savings especially those in village SACCOS. She further said this move will help them better their chances of getting out of poverty.
“What we require is tangible action to efficiently and effectively address the challenges identified. We need interventions that can enable the growth and transformation of the numerous Merry-go-rounds, Rotating Savings and Credit Association (ROSCA), Accumulating Savings and Credit Associations (ASCA) and Village Savings and Loan Association (VSLA). It is through such interventions that we shall accommodate the segment of the populace that the formal financial institutions deem risky,” Among said.
She however noted the existence of some technical, operational and capacity challenges which affect microfinance and savings groups.
She said this, therefore, calls for urgent intervention to mitigate the challenges therein.
Check Also;
- Speaker Anita Among Asks Finance Ministry For Framework Of National Budget
- Government To Give Each Constituency shs360M For Emyooga SACCOs
- Kumi Diocese VSLAs Receive Cash Rollouts From Church Of Uganda
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
