Majority of young entrepreneurs fail to meet their immediate financial needs due to limited or lack access to easy and quick financing without the high interest rates. Self Help Groups which are popularly known as Village Savings and Lending Associations (VSLAs) empower participants to increase access and control over resources and use the collective power to overcome challenges.
For the members of these groups, the micro-loans from the groups go a long way, they not only break the cycle of poverty but build thriving livelihoods that turn the hope of a more sustainable, self sufficient life into reality.
This is especially true for Nakidde Edith, a youth from Kazo-Angola in Kawempe Division located in Uganda’s capital Kampala. Edith belongs to the “Elites savings Group” composed of young entrepreneurs that look at growing their businesses.
“I had never thought as a youth, that there’s’ need for me to be innovative by diversifying my incomes if at all I must survive in our Uganda. To that as a result of the AFFCAD training in Entrepreneurship and training in the VSLA methodology, I thought it wise and had to implement what I had been trained. “The training was very good because it has enabled me to improve my business through book keeping. However, the most important part of this training was the aspect of business identification where the lead coaches encouraged us to start up a business NOW! And am happy to say I now own my second business which I started from my savings from my saloon business. I started the second business with only UGX 345,000/= (Three hundred and forty-five thousand shillings only). I now make profits of UGX42,000 (Forty two thousand shillings a week, and as a result, am able to pay school fees for my child in time, I cannot stop thanking AFFCAD and the Share Trust. by the way at first I thought AFFCAD is just wasting our time, but now I am a member of Elites Kazo Agola self help group. Kumbe Kyaddala ” – Nakidde Edith, youth from Kazo-Angola Central
