MARACHA. The capacity of 25 women from different sub-counties of Maracha district has been enhanced with the knowledge on financial literacy in a three-day workshop that ended on Saturday at Maracha Catholic Parish Hall.
At least 3 beneficiaries from each of the 8 sub-counties in Maracha district were drawn to attend the workshop organized by a Germany none governmental organization (NGO) Savings Banks Foundation for International Cooperation (SBFIC).
During the training, the facilitators demonstrated playing the microfinance business game on a board. The game enables an entrepreneur to calculate and evaluate business progress by identifying areas of weakness and strength.
Mr. Nasser Anguyo, an SBFIC facilitator advised the women against multiple borrowing from financial institutions.
“A woman who has been in business for ten or more years and has not changed so much borrows from one source to another. Sometimes you borrow to repay another loan and you remain in the vicious cycle of poverty. So, I am appealing to women to instead save wisely in groups to avoid being financially disabled,” Anguyo advised.
He said women should have financial discipline, sacrifice, forecast and plan to invest the limited capital inform of loans with the aim of utilizing business opportunities to accrue profits that may allow them to repay the loan.
The capacity development advisor for the Germany NGO in Uganda, Mr. Geoffrey Chelibei said they have identified some vibrant SACCO groups in Kijomoro and Oleba sub-counties to partner within disseminating the saving culture in schools so that children can grow with the idea of saving for a purpose.
The Maracha woman Member of Parliament, Hon Rose Ayaka Atima who lobbied for the NGO to come and train the women appreciated them for being key development partners in the district.
“These women you see here are the leaders of their groups, they have been addressing several challenges posed by poverty in their families. The name of the groups like Alionyanya (worst poverty), Alioderuku (endless poverty) may explain how they are focused to fight poverty with limited funds they are circulating in their groups despite being the breadwinners in their respective families,” Ms. Ayaka stated.
A section of the participants including Ms. Knight Draru, the chairperson of the women council for Tara sub-county said they have now acquired basic knowledge that gives them the insight to cause resiliency in their businesses.
“We are excited because we have been doing business blindly. We are now going to reorganize our businesses by controlling petty expenses and convince customers to buy our goods and services,” Draru promised.
Borrowing multiple loans has caused problems in the communities in the district with some families breaking up and losing properties to SACCO groups and microfinance institutions due to failure to repay loans and accumulated interest.
Reports indicate that women have resorted to selling household items and food for paying back the loans without giving benefits for the family members.