BY D SEBUNYA: Encouraged by the financial inclusion agenda, in the country’s development programs, Saving and Loans Associations, have became an integral part of Uganda’s financial landscape. However they have often fallen short of the expectation, mainly due to the leadership gap.
To address this challenge, such that the best is gotten out of the initiative, Gudie Leisure Farm, a consortium that brings together over 800 savings and loans Associations in over 33 districts across the country, is set to equip youth with skill on how to thrive the sector. The event is dubbed “Gudie Leisure Farm PELA Savings and Loans Associations Cottage Industry Conference.”
Under this consortium, these association, are under a Parish Entrepreneurship Learning Association (PELA). Gudula Nayiga Basazza the Chief executive officer and founder of Gudie Leisure Farm, says “the business endeavors of Youth Agripreneur Champions are orchestrated by PELAs.” She adds that these associations, supported by Gudie Leisure Farm, mobilize and organize youth into business groups to meet market demands collectively.
According to Nayiga, PELAs also provide critical insights into the business environment, aiding leaders and management in making informed decisions. “PELAs operate as Parish Savings and Loan Associations (PSLA). With 873 PELAs boasting a net portfolio of 2.5 billion UGX, these associations are vital sources of credit,” she stated.
She says the conference aims to address the gaps and weaknesses in PSLAs, equipping Youth with the skills to transform their PSLAs into robust and sustainable institutions, development opportunities Introduce youth in PSLAs to growth opportunities. “Facilitators will also equip youth with technical and business skills to build profitable financial facilities, as well as establishing platforms for collaboration with development stakeholders,” the founder highlighted.
These PSLA’s are grouped together under the Gudie Agribusiness Investment Club, as highlighted by Ms. Florence Nampeera, a Board Member of Gudie Umbrella Fund, unites all PSLAs to save and access credit at a reduced rate of 0.5% per month. This initiative addresses limited capital access and aims to reduce interest rates, currently holding a portfolio of 1 billion UGX.
She adds that the discussions will also focus on the local and international business environment dynamics affecting savings and credit facilities, strategies for exploiting opportunities, and mitigating growth threats. The session will also highlight government and development partner initiatives supporting community savings and credit groups.
“Youth Agripreneur Champions will learn best practices for enhancing productivity, profitability, and competitiveness and strategies for resource mobilization.”
Mr. Tualib Onzima, the District PELA chairperson for Arua district, lauds the PELA Savings and Loan Associations for fostering a savings culture among youth, providing immediate funding access, and encouraging cohesion.
The training conference, Monday, August 5, 2024 Gudie Leisure Farm headquarters. Participation will range from members of youth-owned savings and loans associations, Business Development Service (BDS) providers supporting youth-owned savings and loans associations, government institutions, development partners, and NGOs promoting youth-owned savings and loans associations