This activity was a crucial step towards equipping beneficiaries with essential financial literacy skills, enabling them to make informed decisions about their income generation and savings.
Activity Summary:
Extend A Life Initiative Uganda conducted a comprehensive Financial Literacy Training for 80 child mothers and young women at risk in Nakedde, Kitayita, Bembe, and Kanziro parishes in Namayumba sub-county, Wakiso district. This activity was a crucial step towards equipping beneficiaries with essential financial literacy skills, enabling them to make informed decisions about their income generation and savings.
Background:.
Following a successful economic needs assessment, beneficiaries in the aforementioned parishes expressed interest in income-generating skills such as bar soap making, bookmaking, tailoring, and bakery. In response, we organized a robust financial literacy training session to empower them with the knowledge and skills needed to access savings and credit facilities for their chosen entrepreneurial pursuits.
Objectives:
- Mobilized at least 20 child mothers and young women at risk for financial training in Kitayita parish by the end of August 18, 2023.
- Oriented tailoring and bookmaking groups about the benefits of registering and saving with Savings and Credit Co-operative Organizations (SACCOs).
- Established two saving groups and registered them with a SACCO by the end of August 18, 2023.
- Fostered a culture of financial discipline and savings among 20 child mothers and young mothers at risk in Kitayita parish.
- Provided information to the tailoring and bookmaking groups about potential local markets for their products.
Implementation Approach:
The activity was divided into morning and afternoon sessions. The morning session included introductions, expectations, and a thorough presentation on financial literacy by Mr. Muyomba Vincent, a loans officer from Namayumba Epicentre SACCO. The afternoon session focused on group formation and registration, led by ELI-UG’s programs officer.
Key Achievements:
- Achieved 112% turnout, with 28 out of 20 targeted beneficiaries participating.
- Engaged 86% direct target beneficiaries, including transgender women.
- Formed and registered two saving groups with 17 and 11 beneficiaries respectively.
- Successfully registered saving groups with a local SACCO.
- Beneficiaries demonstrated improved understanding of financial literacy concepts and practical application.
Lessons and Recommendations:
- Learner-centered approaches enhanced engagement and knowledge retention.
- Continuous engagement with beneficiaries improved mobilization efforts.
- Long-term retention of project members led to sustained impact.
- Provided a caregiver or nursery during training to support mothers with infants.
- Implemented ongoing activities to maintain beneficiary engagement between training sessions.
- Focused on effective communication skills to enhance learning outcomes.
- Expanded outreach to additional groups of child mothers in the area.
Through this financial literacy training, we aimed to empower child mothers and young women at risk with the knowledge and skills needed for economic independence and self-reliance. This initiative was a vital step towards breaking the cycle of poverty and creating a brighter future for these resilient individuals.
