Ugandans resort to village SACCO’s

By Benjamin Jumbe.

A new report by Twaweza reveals that 6% of Ugandans are now taking loans from community saving groups (SACCO) and mobile money account services. 

Reading the report finding today, Maries Nanyanzi from Twaweza noted that this has left fewer people at 4 % taking loans from the commercial banks.

She said most of the respondents interviewed attributed the shift from banks to SACCO’S, and mobile money to the ease associated with acquisition of loans as compared to banks.

 Most of the loans taken are soft loans meant to cover school fees, medical bills among other social services needed by mainly the poor Ugandans.

The findings were carried out between 2017/18 across the country.