The Project for Financial Inclusion in Rural Areas (PROFIRA) continued with its implementation amidst challenges brought by the pandemic by carefully following the Ministry of Health’s Guidelines/Standard Operating Procedures (SOP) to prevent transmission. Continued operations resulted in the establishment of 53 new community savings and credit groups (CSCGs) in hard to reach areas of the Karamoja region. Meanwhile, over 200 CSCGs were supported in advanced financial literacy and advanced business skills, including linkages to formal financial institutions for savings and credit products.
By the end of August 2020, the newly established CSCGs achieved a cumulative savings value of UGX 295,871,300.00 (US$ 79,965.00). The newly established CSCGs are comprised of 10,194 members: 6,997 women (68.6%) and 3197 men (31.4%). The average annual savings per member was at UGX 244,840.00 (US$66.00), while the average outstanding loan size per member was UGX 77,869.00 (US$ 21.00), with a 6.0% return on savings. The financial performance of mature groups by the end of August had a cumulative savings value of UGX 347,708,300 (US$93,975.00), with the average annual savings per member standing at UGX 408,890.00 (US$111.00). The mature group is composed of 195 strengthened CSCGs with a total membership of 5,617. This membership consists of 4,436 women (79.0%) and 1,181 men (21.0%). The average outstanding loan size per member was at UGX 83,439.00 (US$ 23.00), with a 23% return on savings. For more information, please email Program Manager—Daniel Ogwang: Daniel.firstname.lastname@example.org