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.
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