Increased availability and use of financial services to unbanked households.

By 31^st March 2020, 4,303 people had joined 122 groups under 10 CBOs in four sub regions under operation of Busoga, Elgon, Teso and Bukedi and over 65% of the active savers are women. Over Ug Shs 200 million was saved by members in their savings groups under mainly four CBOs (Bududa, Bugweri, Bugiri and Namutumba).

Group members under CBOs make weekly^[1] savings and member’s money is banked to the CBO collection accounts held with Opportunity bank via mobile money agents.

This reduces risks such as theft and fraud as well as the costs of carrying cash to the banks. It is also an efficient method of financial inclusion of reaching the unbanked population especially in the rural places where individual member savings are very low and the distances to formal banks are far.

 

[1] Each group member saves a minimum of 1,000 weekly