Impact of saving as a component of financial education

During the implementation of the GTL project, financial literacy training was one of the topics in the curriculum which was very much embraced by the girls and in their testimonies, as many confessed that they did not know about saving because every coin they used to get, they would use it to buy luxuries. But with the onset of GTL skills training in saving especially, girls realized the need to save little by little for personal needs and future dreams/goals.  Since then, the girls have taken on saving seriously and as a result, four Girls VSLAs were formed in Bukakata, Buwunga and Kyesiiga.

These VSLAs were recommended at the villages and Sub County levels by local authorities and registered at the district and certificates of registration were issued with the help of PEDN and Opportunity Bank Uganda Limited. These were registered under the names below:

  1. Nyondo Abalawa Abamalilivu Saving Group (VSLA) located in Kasaka Parish in Buwunga (10 AGYW members)
  2. Magiri Mwana Muwala Kulembera Saving Group (VSLA) located in Kyesiiga Parish in Kyesiiga (40 AGYW members)
  3. Girls Take Lead Bwami Saving Group (VSLA) located in Makonzi Parish in Bukakata (11 AGYW members)
  4. Lwemodde Advanced Girls’ Saving Group (VSLA) located in Lwemodde in Kyesiiga (11 AGYW members)

All four (4) VSLAs above have opened groups accounts with Opportunity Bank Uganda Ltd.  Also, some girls have opened up individual bank accounts.

  • One of the AGYW in Bukakata (Nakabonge Revine Violah–18years) managed to mobilize fishermen in Lamu landing site after going through the savings session and they started up a savings group called, “Dream Big Fishermen Development Savings Group” with 30 members by the time of monitoring where she is the Secretary and with the help of two of her relatives, they managed to register it at the Sub-county in Bukakata and they got a certificate. They had saved 300,000/= so far.

In total all girls in the project saved a combined amazing total of Seven Million Five Hundred and Thirty-Three Thousand Seven Hundred Ugandan Shillings (7,533,700/=), approx.1,714.156 Euros in three (3) months and majority would like to use their savings to start small businesses.

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The Private Education Development Network (PEDN) is a non- profit organization, established in 2004 with an aim of promoting and integrating entrepreneurial teaching and learning and financial education in formal and informal education systems in Uganda.

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