The group, Hustler-Friends With Benefit, comprises 11 members—six women and five men—and is holding its annual general meeting at Da Twins Hub in Adjumani Town Council to review its financial performance and chart its future growth.
Speaking ahead of the meeting, the group's chairperson, Sharon Asiimwe, said the initiative was established to help members overcome barriers to accessing credit from conventional financial institutions.
"We formed this group because many people struggle to access loans due to strict lending conditions, high interest rates and harsh loan recovery procedures. Our objective is to provide members with a reliable and affordable source of credit while encouraging a culture of saving," Asiimwe said.
She said each member contributes Shs500,000 annually, creating a pool of funds that is lent exclusively to members at affordable interest rates, with borrowers required to repay their loans within three months.
According to Asiimwe, members have adopted a new strategy aimed at strengthening the group's financial base by retaining all savings and interest earned instead of sharing them out at the end of the year.
"In the past, we shared out all our savings and profits at the end of the year. This time, members have agreed to retain both the savings and the interest earned so that we can increase our lending capacity and build a stronger financial foundation for the future," she said.
She said the group's long-term ambition is to register as a SACCO, recruit more members and attract support from government and development partners.
"Our vision is to register the group, attract more members and seek support from the government and other stakeholders so that we can transform into a community SACCO offering inclusive and affordable financial services," Asiimwe said.
The group's leadership comprises Sharon Asiimwe as chairperson, Charles Wilson Dhama as vice chairperson, Daniella Maridio as treasurer and Lilian Mazira as secretary.
Hustler-Friends With Benefit was founded in 2022 by five women before opening its membership to both women and men in 2023. Membership later grew to 12 before one member withdrew, leaving the current total at 11.
Members say the group's growth demonstrates how community-based savings initiatives can promote financial inclusion, strengthen household incomes and support small businesses in Adjumani District.