Farmers and small-scale traders in Bukwo District say unreliable agricultural incomes, limited access to secure savings facilities, and mistrust of informal savings groups are undermining efforts to build a savings culture in the rural communities.
Peter Kuruwa, a peasant farmer from Kamarur Cell in Torasis Ward, Bukwo Town Council, said saving has become difficult for farmers whose incomes depend largely on agricultural production. Kuruwa said he usually saves part of the proceeds from selling farm produce, but drought experienced this year reduced his harvest and left him with little to save.
Annet Chemutai, a cross-border business operator, said some traders also keep their money at home because of limited access to banking services. Chemutai said that although some residents have embraced group savings schemes, reports of leaders disappearing with members' contributions have discouraged others from participating.
The concerns were raised during an engagement between the Uganda Cooperative Alliance Limited (UCA) and the Bank of Uganda at Bukwo District headquarters, where cooperative members, farmers and small-scale business operators were sensitised on financial management, savings and access to financial services.
Dorothy Namarome Muinda, from the Bank of Uganda's Publicity and Customer Support Section, emphasised the importance of personal financial management, urging people to set financial goals and keep records of their income and expenditure.
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