The saving box may not be a popular financial tool for majority people today. Nevertheless, it remains popular among village savings and loans associations (VSLA) in the rural areas where there are hardly or not many formal financial institutions. The savings box plays the role of kick-starter into a progressive saving culture for vast majority of poor young people at the periphery of financial literacy.

The Young Africa Works strategy and the Market for Youth Program of the Mastercard Foundation implemented through Goal Uganda, and private sector and CSO partners, rallies and empowers young people to collectively and collaboratively increase their influencing power in the agricultural market system. A strong saving culture and access to finance for young people is one of the core outcomes of this strategy. Since April in 2021, seventy (70) youth groups have been mobilized by KRC Uganda, one of the three CSO partners implementing the program in Tooro, Rwenzori and Bunyoro sub regions.

In Kikuube District, KRC Uganda and the Microfinance Support Centre and KRC Uganda have sensitized selected Youth Groups on the program in financial wellbeing and basic knowledge of money matters. Kwebiha Agileo, a Youth Champion of Kikinda Youth Group in Bugambe Sub County testifies to learning so much as a group and a result, they spent their meagre savings to buy a savings box to strengthen their savings journey, a shift from the past, when the group kept their savings in a bag.

Kikinda Youth Group harbors bigger dreams – dreams of building a strong savings and credit association serving more young people in Kikinda community and beyond.

 

“This is a significant step forward for our group that will strengthen the spirit of saving amongst the members of the group. We are grateful to KRC, Goal Uganda and Mastercard Foundation for the knowledge gained during the training”.

Kwebiha Agileo, Youth champion, Kikinda Youth Group.

Title: Young people stirred to save money using the savings box

Author: Alice Kabajogya, Program Assistant

Category: KRC Newsletter

Publish Date: 2022-02-07

Brief Story



Related News

Sign up for our eNewsletter to learn more about our work    
Search