Blogs

Microfinance Opportunities in Uganda

By and large, Uganda is observed as a country with the most successful microfinance industry in the whole Africa. Optimistically, some microfinance institutions (MFIs) have encountered solid growth and are now reaching a sizeable population of Uganda. Even the progressive studies carried out in Uganda in the past years have revealed that the state of microfinance service plays a great role in reducing client’s helplessness to monetary risks; reinforcing linkages of clients as well as their family unit to the rural sector; and the attainment of highly desired aptitude.

The main objective of starting microloans in Uganda was to facilitate the majority of the population in starting their own business and be their own boss. But with rapid pace, micro loans have helped in many other sectors as well. 

Small scale loans for agricultural advancement:

The main occupation of the population of Uganda is agriculture. In fact, the bulk of their economy is supported by agriculture but the income produced through farming is inadequate. So, Micro loans in Uganda provide the farming throng an opportunity to build a strong financial backbone.

Small scale business loans for starting a new business

The bulk of the population in Uganda wish to start up their own business and lack of funds is the biggest bar in doing so. Accordingly, Small scale business loans can work as a remedy of the problem. Micro loans give away a satisfying amount to establish business like:-  setting up a small cart of snacks, opening a stitching shop, etc. Not only this, paying back the credited amount on time, makes you eligible for crediting the bigger amount of loans. So, it is ultimately a tool available with you for funding whenever you wish to invest and  grow your business.

Pay off the debts:

While, Uganda is a poor country; the infinity of Uganda’s crowd is crushed under the stone of debt. Many people take loans to pay off the debts as the low interest micro loans appear to help them in an easy way.

Elevate the education level of the students:

Microloans in Uganda have helped elevate the education level of the students. With the easy payback scheme of these microloans, people take an initiative to use the micro loans tools to teach their children. Parents avail micro loans for teaching their ward without any hesitation as they know the easy installment payback system of this service.

Source: - http://www.l-pesa.com/