Nearly 10,000 savings groups supported by World Vision Uganda have benefitted from additional financing through Vision Fund under the FAST (Finance, Accelerating Savings group Transformation) scheme. The financing, which amounts to roughly USD 2 million over the last three years, aims to strengthen financial inclusion and boost livelihoods among the country’s poorest.
Speaking at the three-day Financial Inclusion Forum held at Speke Resort Munyonyo, Richard Rumsey, World Vision Uganda’s Director of Programme Development & Impact, highlighted how digitisation and strategic linkages have helped transform the savings group model. Rumsey pointed out that the use of the Dream save App has improved transparency and simplified transactions for group members.
According to Rumsey, combining savings group access to finance with other social support measures such as enhancing livelihoods and facilitating access to public services is essential to addressing poverty at the household level. He disclosed that World Vision currently works with about 16,000 active savings groups in Uganda, encompassing some 400,000 members, about 60 percent of whom are women.
A recent household survey by World Vision Uganda uncovered that 84 percent of rural children in the surveyed areas do not have birth certificates. This omission often prevents them from getting formal identification, which in turn blocks access to formal financial services.
Financial inclusion in Uganda has been rising a Fin Scope survey in 2023 found that 81 percent of adults are financially included up from 77 percent in 2018. Still, Rumsey warned that gaps remain, especially for women and young people, despite broadly increased digital and mobile money adoption.
The Financial Inclusion Forum, co-hosted by Vision Fund International, World Vision, and members of the Savings Group Linkage Working Group (including CARE, Catholic Relief Services, Mercy Corps, HOPE International, Women Save, CGAP, and Chalmers Centre), with support from the World Bank, provided a platform for stakeholders to discuss ways to overcome these barriers.
Mercy Sande Ainomugisha, Chief Executive Officer of Vision Fund Uganda, emphasized that savings groups are not just beneficiaries of a programme but integral to the organisation’s mission. She described them as resilient community institutions with strong governance and repayment discipline, even though many members lack traditional collateral.
Ruled by peer accountability and communal trust, the FAST scheme officially began in 2019 in refugee-hosting districts such as Moyo, Yumbe, Adjumani, and Arua. It has since expanded, with operations now running out of 14 Vision Fund branches across Uganda.