Overview:
The classes are conducted in partnership with local organizations and refugee community groups, ensuring cultural sensitivity and relevance. FINCA Uganda's experienced trainers use interactive methods and real-life examples to make the learning experience engaging and practical.
FINCA Uganda has expanded its financial literacy classes to refugee communities in the country. This initiative aims to empower refugees with the knowledge and skills necessary to manage their finances effectively, improve their economic stability, and build resilience.
The financial literacy classes, which have already benefited over 5,000 refugees in Uganda, will be extended to additional refugee settlements in the West Nile and southwestern regions. The program covers essential topics such as budgeting, saving, entrepreneurship, and financial planning.
According to Alice Lubwama, Grants and Business Development Manager at FINCA Uganda, “FINCA Uganda is committed to inclusive financial services, and we believe that financial literacy is a critical component of economic empowerment. By extending our financial literacy classes to refugee communities, we aim to support their economic integration and self-reliance.”
The classes are conducted in partnership with local organizations and refugee community groups, ensuring cultural sensitivity and relevance. FINCA Uganda’s experienced trainers use interactive methods and real-life examples to make the learning experience engaging and practical.
The refugee inclusion program has already made significant strides, with over 5,240 beneficiaries, including 65% refugees and 35% host community members, completing financial literacy training sessions. Many participants have opened individual savings accounts or pooled their resources into group savings accounts, improving their livelihoods.
FINCA Uganda has invested over UGX 1.6 billion in refugee initiatives, providing loans to over 920 individual refugees and 15 SACCOs/VSLA groups, enabling them to start and grow micro-businesses and fostering economic independence.
However, many refugees still rely on informal loans, which can lead to a cycle of debt. Therefore, there is a need for more customized business skills training, financial well-being programs, and awareness campaigns.
Lubwama further notes that FINCA is determined to ensure that individuals and businesses have convenient access to and can use affordable and suitable financial products and services that meet their needs and improve their lives. This vision encompasses the responsible and sustainable provision of loans, savings, and money transfer services.
“It is thus crucial for us to recognize that much work remains to be done. However, the foundations we have laid provide a robust platform for further expansion and deeper financial inclusion for refugees. By continuing to support and invest in these programs, we can help build a future where refugees are not just surviving but thriving, contributing to and benefiting from the economic prosperity of their host communities,” says Lubwama.
Despite the challenges, the progress made by FINCA Uganda offers a promising outlook for the future. As more refugees gain access to financial services and training, their prospects for socio-economic inclusion and self-reliance will continue to improve.