How Most Ugandans Misuse Money Borrowed From SACCOs and VSLAs
How Most Ugandans Misuse Money Borrowed from SACCOs and VSLAs SACCOs and VSLA groups are among the most reliable lending associations across Ugandan communities due to their fast, simple, and trustworthy systems of operation among members. Some of the best-performing VSLAs include FORWODE women’s group in Amuria District. These organized groups are well positioned, with about 60% of people in rural areas borrowing and saving through them. Members acquire startup capital or borrow to boost their business capital if they already have an enterprise. This sounds great, but occasionally many people experience serious setbacks that destroy their hope for income returns and smooth loan repayment. There are 8 ways money is handled in the wrong way. Some are intentional, while others are done without someone’s knowledge. 1. Tendency of Cheating Members Technically This is one of the most embarrassing tendencies among some members in higher positions. Most SACCOs, especially VSLAs, ar...