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Friday, August 10, 2012

Mountains of the Moon University (MMU) school of Banking and Development Finance in partnership with Rwenzori Information Centers Network (RIC-NET) encourages savings and credit groups in Bundibugyo district to save.

On 8th August 2012 our team of Mountains of the Moon University and RICNET (Dr. Oliver Schmidt – Academic Advisor Microfinance (http://mmumf.wordpress.com); Moureen Salmah, 3rd-yearBachelor student of banking and development finance doing her research on different savings products in Rwenzori region; Emilly Asiimwe, Office Admin RIC-NET) visited savings and credit groups in Bundibugyo District.
We visited four voluntary savings and credit groups under Semuliki Information Center. They impressed us with their promising work done at the grass root.
 The visited groups were
Ø  Busaru support group with 150 members,
Ø  Busaru working together group of discordant couples with 30 members,
Ø  Kasulenge information point with 20 members and
Ø  Bukesi group with 80 members. 
These groups have agreed to save UGX 1,200 every week: social fund of 200 UGX and minimum deposit of 1000 UGX. However members could even save more than 1000 UGX depending on the income of a person. Members in the above groups were happy with their saving culture because it was helping them manage needs like school fees, house constructions and investing in coffee and cocoa plantations. The discordant group was benefiting much because these savings were seen as security for their children in future in terms of school fees and shelter. Furthermore, the hospital that provided a meeting place gives them counseling sessions and drugs  every week after their saving meeting.


We encouraged them to save more money for bigger lump sums, always access information on different savings products that can help them improve on their savings culture from Kasulenge Information point and to also encourage more members to join as they continue to save since two heads are better than one.
RIC-NET in its programme area of social inclusion, health and developments encourages women, elders, people with HIV and youth to access information on different savings product with the help of Information centers in different districts. For Bundibugyo District, it is Kasulenge information point in Kirindi under semuliki Information Center that is sourcing information on saving and credit products to the community. Savings and credit group members have realized that saving is the only way that can help the rural people reduce poverty and realize development in their communities since lump sum of money is received at once and attain life cycle needs like shelter household needs, bigger cocoa and coffee plantations as well as securing fees for their children especially the parents living with HIV-AIDs virus.
By Asiimwe Emilly RIC-NET.