URDT-Founded Kagadi Women Finance Trust Hosts Founding Members

On 9^th, January, Kagadi Women Finance Trust hosted some of its Founding members who included Ms. Else Marie Buck and Ms. Rose Namara, as well as URDT chairman board, Dr. Mwalimu Musheshe and a few URDT members at their offices in Kagadi town council, Kagadi district.

Formed by URDT in partnership with KULU Women in Development back in 1993 and starting its operations in 1995, the institution started initially as Kagadi Women Revolving Credit and Savings Scheme with the vision of becoming a women’s bank offering quality financial services to both men and women in greater Kibaale.

In the early 2000s, the association realized the need to change from being socially oriented to being a business-oriented organization, welcoming new ideas and expertise from key stakeholders, after which efforts were made to recruit and train staff to effectively manage the institution.

According Ms. Buck, the institution was as a result of the women who desired to also be financially independent just like their male counterparts. She adds that when KULU Women in Development intervened and asked for the expectations and ambitions of the association were, “one of the women stood up and said they wanted a women’s bank.”

While addressing the visitors, the manager, Ms. Wanyana Gorret noted that the institution was registered as a company limited by shares on 19^th February, 2007 after in-depth consultations with URDT and other key stakeholders in order to ensure legal recognition and proper description of ownership. The association was later rebranded Kagadi Women Finance Trust Limited.

“We offer a number of services such as business loans, emergency loans, education loans, salary loans, agricultural loans, and so much more and we do this not only for women but men as well,” Wanyana said.

Mrs. Joyce Semakula, one of the very first association members recounts the events that led to the formation of the financial institution.

ElseMarie shares a moment with some of the first members of the association

“We started as 6 groups of women dealing in different practical skills in different places of Kyakabugahya, Nankulabye, Ruteete and other places. I was among the tailors. Dr. Mwalimu Musheshe and other people used to come and teach us about financial literacy, ” Mrs. Semakula explains.

She adds that it is the 6 groups that later came together to form the association, which has now grown into a bigger financial institution.

Ms. Else Marie and Prof. Rose Namara after rewarding some of the members that started with the association

Ms. Rose Namara appreciated the staff of Kagadi Women Finance Trust for sustaining what they started as a vision way back in 1993. She further encouraged the institution to utilize every opportunity to increase its income/capital and coming up with innovations, starting with lending to boda-boda riders as well as encouraging all staff members to open up accounts with the institution.

With a clientele of over 500 people, the bank also offers non-financial services such as training clients/groups in loan management, record keeping, savings and credit group development, while lending money to both individuals and groups.