Close to 10,000 Savings Groups initiated by World Vision Uganda have accessed approximately USD $2 million in financing through FAST (Finance Accelerating Savings group Transformation) loans from VisionFund Uganda over the past three years, according to Richard Rumsey, Director of Programme Development & Impact at World Vision Uganda.
Speaking at the opening of the three-day Financial Inclusion Forum at Speke Resort Munyonyo, Rumsey emphasized the impact of these loans when combined with other social interventions aimed at improving livelihoods and access to public services.
He stressed that such integrated approaches are key to addressing poverty at the household level.
Rumsey also highlighted how the digitization of Savings Groups through the DreamSave app has simplified financial transactions, improved transparency, and enhanced record-keeping, making the groups more efficient and accountable.
World Vision Uganda currently supports nearly 16,000 active Savings Groups, with around 400,000 members—60% of whom are women.
However, Rumsey noted that barriers to financial inclusion still exist. A recent World Vision Uganda household survey found that 84% of rural children surveyed lacked birth certificates, which creates challenges in obtaining national ID cards and accessing financial services.
He called for multisectoral solutions to extend financial services to underserved populations and pointed to evidence showing that loans to Savings Groups can stimulate local economic growth, with members often maintaining strong repayment records and posing minimal risk to lenders.
Mercy Sande Ainomugisha, CEO of VisionFund Uganda, shared the organization’s journey with the FAST initiative, which began in 2019 in refugee-hosting districts such as Moyo, Yumbe, Adjumani, and Arua.
Since then, the program has expanded nationwide and now operates across 14 branches in Uganda.
She explained that for VisionFund Uganda, supporting Savings Groups is more than a program—it is central to their mission. She described these groups as trusted community structures with strong governance, repayment discipline, and resilience, though many members, especially women and youth, still face barriers to credit due to lack of collateral.
The forum, co-hosted by VisionFund International, World Vision, and other members of the Savings Group Linkage Working Group—including CARE, Opportunity International, Catholic Relief Services, Mercy Corps, HOPE International, CGAP, Chalmers Center, and WomenSave—was held with support from the World Bank.
Lisa Kuhn, Inclusive Finance Knowledge Director at VisionFund International, said the goal of the forum is to foster collaboration among stakeholders, build new partnerships, and create an environment where Savings Groups and their members can access a full range of financial services tailored to their needs.
According to the FinScope 2023 survey, financial inclusion in Uganda increased from 77% in 2018 to 81% in 2023, largely due to the growing adoption of digital and mobile financial services. However, challenges remain, particularly a widening gender gap in account usage and access, as well as a growing disparity for young women.
