Global Whole Being Fund Report
We are launching a Community Finance Project under the Global Whole Being Fund (GWBF), set to run from February to December 2024. This initiative targets women and youth aged 16-35 from refugee and Ugandan host communities in the Buguta, BC and Kaihora zones. Directly, we aim to empower 150 participants through the formation of five Village Savings and Loan Associations (VSLAs), each with 30 members. Additionally, we anticipate impacting 45% of community women and youth in the Rwamwanja via sensitization and mobilization efforts. The VSLAs will offer solidarity lending at a low interest rate of 5% per month, fostering resilience among participants. Our project will support various income-generating activities, ensuring long-term sustainability. The project has two primary objectives: to raise awareness about safe saving methods and to enable community members to access low-interest loans for starting and expanding businesses, ultimately contributing to poverty alleviation and sustaining organizational activities.
The project has achieved significant milestones toward enhancing community resilience. Firstly, four Village Savings and Loan Associations (VSLA) in Buguta, Base Camp, and Mahani have collectively received 4 million from ALPHA ELIMU, enabling members to access loans at a 5% monthly interest rate to support their businesses. Additionally, members participated in two training sessions on VSLA methodology and financial literacy, gaining crucial knowledge on saving, loans, interest, and best practices to minimize losses.
Secondly, all necessary equipment for financial operations has been procured, mobile money services MTN and Airtel functioning seamlessly and receiving positive feedback from the community. Furthermore, ALPHA ELIMU successfully conducted four community mobilizations to raise awareness about project services, ensuring community engagement. Lastly, the project is in the process of opening an agent account with Equity Bank, which will further facilitate financial services in the area.
The project faced significant delays primarily due to the lengthy approval processes from MTN and Airtel for the Mobile Money Network (MMN), which subsequently pushed our start date back. This experience emphasizes the importance of proactive engagement with all stakeholders early in the project lifecycle. Had we initiated conversations with MTN and Airtel sooner, we could have potentially streamlined the approval process.
Similarly, the pending approval for the Agent account with Equity Bank highlights the necessity of establishing relationships with financial institutions well in advance. By fostering these connections early on, we might have mitigated delays and ensured a smoother launch.
Despite these challenges, the community’s positive feedback was a noteworthy achievement. The introduction of financial services significantly reduced their travel expenses related to money withdrawals and transactions. This illustrates the project's potential impact and the community's urgent need for accessible financial services. Moving forward, it is crucial to prioritize stakeholder engagement and timely approval processes to better align project timelines with community needs, ensuring we capitalize on the positive response and enhance overall project efficiency.
