Nearly 10,000 Savings Groups initiated by World Vision Uganda have received a significant boost, with VisionFund providing approximately $2 million in FAST (Finance, Accelerating, Saving groups, Transformation) loans over the past three years. According to Richard Rumsey, Director of Programme Development & Impact at World Vision Uganda, this initiative has been instrumental in empowering communities.
Speaking at the opening of the three-day Financial Inclusion Forum at Speke Resort Munyonyo, Rumsey highlighted the impact of digitizing Savings Groups through the Dreamsave App, which has simplified transactions and increased transparency. The forum, co-hosted by VisionFund International, World Vision, and members of the Savings Group Linkage Working Group, brought together key stakeholders to discuss ways to enhance financial inclusion.
Rumsey emphasized that combining financial inclusion with social interventions is crucial in addressing poverty. “World Vision has a significant portfolio of Savings Groups globally, with close to 16,000 active groups in Uganda, comprising approximately 400,000 members, 60% of whom are women,” he said. However, he noted that barriers to financial inclusion persist, citing a recent survey that found 84% of rural children lacked birth certificates, making it difficult for them to access ID cards and financial services.
Rumsey called for multisector solutions to expand financial services to the poor, citing evidence that savings group loans can drive economic growth and demonstrate good loan repayment track records. According to the FinScope 2023 survey, financial inclusion in Uganda has reached 81% of adults, up from 77% in 2018, driven by digital and mobile money adoption. However, a widening gender gap in account usage and access persists.
Lisa Kuhn, Inclusive Finance Knowledge Director for VisionFund International, emphasized the importance of collaboration in overcoming barriers to Savings Groups linkages. “Our goal is to foster dialogue and collaboration among stakeholders to create an enabling environment where savings groups can access a full range of financial services,” she said.
Mercy Sande Ainomugisha, CEO of VisionFund Uganda, shared the organization’s story, highlighting its mission to support Savings Groups. “These groups are trusted community structures with strong governance, repayment discipline, and resilience,” she said. Since 2019, VisionFund Uganda has been implementing the FAST Journey, expanding from refugee-hosting districts to 14 branches nationwide.
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