By Zachery Onyango | Founder and CEO
Globally, 1.4 billion adults lack banking services, making them ineligible for conventional loans. Almost half of these people worldwide live in Sub-Saharan Africa.
In Uganda, the National Labour Force Survey (2021) shows that 87% of Ugandans-over 30 Million people lacked bank accounts. This means that more half of the Ugandan population can’t have access to bank loans let alone be in position to pay the high interest rates change by finance institutions in the country.
With your support, we have been able support rural communities Interest-Free Microloans, providing 50 unbanked rural entreprenuers with interest-free microloans based on PAY-IT-FORWARD mode. This has increased their access to capital, support economic activities, reduced debt burden because of no interest charges and focus only on repaying the principal amount thus reducing on financial stress, improved financial stability as interest-free loans help the group build a stable financial foundation, promoting financial inclusion and gender equality and contributing to poverty reduction and improved livelihoods.
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