Establishing Village Banks
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inancial inclusion refers to having access to reasonably priced financial services, including transactions, payments, savings, credit, and insurance, that are provided in a responsible and sustainable manner. Since a transaction account enables people to keep money and send and receive payments, opening one is a first step toward greater financial inclusion. Therefore, having an account for transactions opens doors to additional financial services.
Daily life is made easier by having access to money, which helps families and businesses prepare for everything from long-term objectives to unanticipated emergencies. Account holders are more likely to use additional financial services like loans and insurance to launch and grow their businesses, make investments in their children’s or own health or education, manage risk, and recover from financial setbacks, all of which can enhance their overall quality of life.
“At UFCC we put members first in everything we do; our members are the prime beneficiaries of our services.“
Critical to note is that the need for greater digital financial inclusion has been exposed by COVID-19 dilemma. Digital financial inclusion entails the use of cost-effective digital means to provide populations that are currently underserved and financially excluded with a variety of formal financial services that are responsibly delivered at a cost that is affordable for customers and sustainable for providers.
Most people believe that in order to begin saving, one must first make or earn a significant amount of money. Nothing is more false than it is. You may never have enough money. Consequently, the key to saving is to start where you are financially and develop self-discipline along the route to boost future possibilities.
You need to practice cutting back on unnecessary spending and making a list of monthly expenses that only includes things you absolutely cannot live without until you can generate a healthy surplus if you want to develop and maintain a strong personal savings culture.
Save the majority of the money that is left over after paying for utilities, transportation, airtime, insurance, and basic entertainment. Put your needs before your wants.
The project for Strengthening Capacity for Youth Agribusiness Development in Uganda (SCADU), funded by Korea International Cooperation Agency (KOICA) in collaboration with Ministry of Agriculture, Animal Industry and Fisheries (MAAIF), is held an ICT workshop on 4th August 2023 at Protea Hotel to review the challenges and explore opportunities affecting access and usage of digital finance among youth involved in agribusiness.
The workshop was organized by KFCC (Korean Federation of Community Credit Cooperatives), which is an implementing partner of the SCADU project and has brought together fintech experts and organizations. The project targets 4,000 youth to have training opportunities in Agriculture, Business Management, and Financial knowledge. KFCC will boost the financial accessibility for the selected youth beneficiaries of the project by supporting the formation and strengthening of 4 regional Saemaul Geumgos.
The workshop provided information about the MG digital system/platform and discussions on the issues on practices of the current financial digital platforms in Uganda. Whereas there are many digital finance platforms in Uganda, there is still a big challenge of tailoring these platforms to the real needs of the youth, especially those in rural farming communities. The nature of products, transactional processes and costs have excluded many youth. This workshop therefore was focused on mainstreaming the MG Digital financial system to close existing gaps that may inhibit youth participation, developing suitable products that are sensitive both to the youth and youth led agribusinesses.
“Key among the workshop outcomes was the need to build synergy between the different stakeholders within the digital financial space most notably; the developers, aggregators, telecoms and regulators to address the youth related digital finance challenges”
Dr. Andy Kim – Financial Advisor SCADU Project
This takes note of the fact that Uganda as a country comprises of 78% of its population below the age of 30 with a big potential to contribute enormously to achieving the middle-income status the country aspires for. It’s also noted that; while the figures on access to digital finance give a good impression, usage is extremely low due to limited income opportunities especially among the youth. SCADU project approach to this challenge gives hope, because of its two-fold strategy of enabling youth to work and earn as well as providing a safe and secure digital finance solution that can be accessed in rural and remote areas in Uganda.
he Board of Directors and Management of UFCC held an interface meeting with the technical team from Ministry of Trade Industry and Cooperatives at Kolpin Hotel in Kampala on 18 July 2023.
The journey for Uganda Federation of MG Community Credit Cooperatives (UFCC) started in 2018 when the mother organisation, Korean Federation of Community Credit Cooperatives (KFCC) signed a memorandum of understanding with the Government of Uganda. Today there are 18 MGs in Uganda. At UFCC we put members first in everything we do; our members are the prime beneficiaries of our services.