There are many savings and loan groups in Amor Community where we currently operate. UNICEF initiated this strategy in 2011, and it has allowed those involved to start small businesses as a result of borrowing sums from their savings and loan group.
The parents/guardians of the girls participating in the RGCM – Uganda program have formed a savings and loan program among themselves – the Rural Peer Savings and Loan Association.
They save a minimum of 1000 UGX ($0.4) and a maximum of 5000 UGX ($2) per week. The sums saved and borrowed are not large, but they make enough of a difference to the income of the group members that they are able to contribute to the needs of their children in school.
The interest paid on the loans is shared out among all the group members as interest on their savings. The Rural Peer Savings and Loan Association meets every Sunday afternoon.
This project is fully funded and managed by the parents/guardians of the students. PCE Foundation’s role is to provide business ideas, monitor their progress, and follow up to ensure that they financially contribute to their children’s education to the extent possible.