We strive to boost financial literacy among the poor so that they can make informed decisions regarding their saving, investment and spending patterns. People who are financially literate are able to make sound financial decisions for themselves and their families, to make informed choices between different financial products and services, to budget and to plan ahead, to build up some savings, to protect themselves against financial risks, to invest prudently (if they have sufficient money) and to understand their rights and responsibilities.
They are less likely to become over indebted or to purchase products and services which do not meet their needs; and they are less likely to be caught out by financial frauds
Using the collective power of community to drive financial literacy
Livelihood among the rural and urban poor in Buganda Region continues to be a need that calls for attention. Poor communities struggle to get jobs from which they can earn a decent income to afford a meal, support their families, improve household status and take their children to school.
The CMMF methodology is an appropriate community based mechanism of promoting financial literacy. The practice of ploughing back part of profits saved in a particular round has ensured continuous growth of the saving and lending capacity. With the accumulated savings the groups have been forced to seek financial institutions to keep the excess funds in their possession, which has led to economic inclusion of members.
CMMF groups have led to social-economic empowerment of women in rural communities, they have facilitated creation of marketing and business networks where beneficiaries are using the saving group platform to market their products both within and out of the group.
In August 2019 Cbs pewosa under this project registered fruitful results as Tumaliride Group A members shared out savings and dividends. The group is found at Katereke in Nsangi Subcounty. A total of 57m was saved by 35 members and a total of 10m was made as profits in the year.
Kyengera CMSGs cluster training on going at the Market.
