FINCA broadens approach to ending poverty in Uganda
As the global FINCA network celebrates 40 years of tackling poverty through financial inclusion, FINCA Uganda has intensified its efforts to improve the lives of small entrepreneurs and cooperatives by offering a variety of support services that keep them on track towards self-reliance. FINCA Uganda’s microfinance services are complemented by financial education, technical assistance and employment diversification.
Uganda is a center of microfinance innovation, according to FINCA. “Uganda provides FINCA with the opportunity to develop new products and services that can then be deployed around the world,” said FINCA International president Andree Simon at a press conference held at the FINCA Uganda Head Office. “We want Uganda to be the centerpiece of defining the future of microfinance and challenging the old way of operating.”
FINCA Uganda is currently testing several new ideas throughout the country. For example, FINCA Uganda is partnering with PHB and Opportunity Bank to comprehensively support refugee communities and Ugandan nationals. The new project combines financial education, employment training, and the creation of Early Childhood Development centers, reaching two generations in a bid to bring communities out of poverty.
Simon highlighted the need to complement access to finance with other forms of support to enhance customers’ resilience to poverty and unforeseen financial shocks through many angles. “While microfinance is critical to creating opportunity for small entrepreneurs, its impact can be further magnified when combined with other types of support,” she said. “That is why we are diversifying our offerings and partnering with other institutions that can provide additional services that provide holistic support to our customers.”
FINCA Uganda is proud to expand its impact to some of the most marginalized communities in Uganda, recently extending its outreach beyond Ugandan nationals to refugees. While microfinance continues to be at the heart of FINCA, the expanded strategy reinforces FINCA Uganda’s commitment to serving people at the bottom of the economic pyramid. By increasing access to credit to refugees, women, and people in agricultural areas and combining that activity with other support, FINCA is strengthening its ability to impact underresourced communities.
FINCA Uganda bases product development on customer feedback and input, optimizing its services to create an excellent customer experience. The bank has also invested heavily in technology that expands access and convenience for the bank’s customers.
Since its founding in 1984, FINCA has focused on empowering women to achieve financial independence and create prosperous futures for themselves and their families. FINCA has long offered tailored financial products and financial literacy trainings. In Uganda alone, the organisation has supported over 530,000 individuals and their families and has build a customer base of 150,000 customers of which 45.5% are women.
FINCA remains committed to promoting gender equality through targeted initiatives and programs designed to uddress the unique needs and challenges faced by women entrepreneurs. By continuing to expand its reach and strengthen its olferings, FINCA aims to foster sustainable economic growth and empower women to build brighter futures for themselves and their communities.