Speaker Among roots for financial literacy among savings groups

By Wod Omoro

Katakwi – Speaker of Parliament Anita Annet Among has said there is need to extend financial literacy to saving groups and SACCOs before funds are injected.

This, she argues increases the capacity of such groups to innovate ways through which they can increase return on investment.

Speaking in Ngariam county in Katakwi district, where she spearheaded a fundraising drive to raise support for women saving groups, at the invite of area MP Peter Ogwang, who is also the state minister for sports.

Among said it is absurd that a lot of money has been lost in the hands of savings groups because beneficiaries lack capacity and skills to start and successfully operate income generating activities.

“We need to furnish these savings groups with financial literacy, business and life skills first. With this knowledge, our women will be able to borrow from pooled savings and start income generating activities,” she said.

The Speaker who was accompanied by more than 100 MPs and ministers from different regions, made a cash contribution of $30,000 (Shs120m) to different women savings groups, before urging leaders to join hands and work together to address community challenges, especially those related to women and children to improve livelihoods.

Mary Akol, one of the beneficiaries, said the initiative will enable her to get a small loan to start up a business given that accessing loans from big institutions is prohibitively expensive for the poor.

President Museveni has variously challenged Ugandans to use SACCOs as a pillar through which they can pool resources as well as using them as channels to accelerate government programmes such as the parish development model.