Uganda is booming with over 70 Fintech Companies and these are the top most
He hopes Ugandans develop a culture of saving. Even as the world suffers through the global crisis resulting from the Covid 19 pandemic, he believes that this experience has highlighted, to a new degree, the wisdom in saving and investing in your future. And, will instill the principles of financial responsibility especially among those whose personal finances have been most affected because they had no savings. He cautions against finding excuses that get in the way of strategic personal finance management. And, he says that even having low income is no reason to defer acquiring the discipline of saving, because even the smallest savings appreciate over time and can be invested for profit.
He advises that the most effective way to see savings grow is by becoming involved in savings groups. They are: cheaper and more flexible to accommodate smaller accounts than traditional financial institutions. They also provide necessary networks where one can pool funds with similarly aligned individuals to invest more effectively. This is a prominent feature in the Y Save business model. It engages its members in Investment Clubs that have varied interests in sectors of: Agriculture, Real Estate, Securities, Tourism, and Transport. Other products offered at Y Save include Target accounts, Children’s accounts, Pensions Accounts, Personal Loans, School Fees Accounts and Medical Accounts.
Since its inception, 20 years ago, Y-Save has gone on to thrive and become one of the leading Cooperative organisations in Uganda. With integrity as its foundation, Y-Save believes in establishing godly financial principles because these provide the most enduring, most dynamic and relevant vehicle for financial management, freedom and growth.
Right after my MBA program in 2013, I co-founded an Investment Club with four friends and this has taken me on an investment journey filled with gain and loss lessons”. Tomie is motivated to focus on innovative ways to deepen financial literacy across a target demographic which ensures impact and increases the odds of lifting a family above the poverty line. She has a blog, website, YouTube channel (with over 40 videos and over 4,000 subscribers) and a digital platform, The Green Investment Club which provides courses that teach millennials in Africa how to put money to work and collaborate; with investment clubs. She is a big advocate for Investment Clubs and has even authored a book: Investment Clubs: How to Create Wealth beyond your Pay cheque by investing with others.
These two are examples of Africans who have not crossed their arms waiting for help to come from elsewhere but have found ways to empower themselves and more so, the communities around them.