10,000 Savings Groups initiated by World Vision Uganda have received additional financing from Vision fund in the form of FAST (Finance, Accelerating, Saving groups, Transformation) loans to the value of approximately USD $2 M over the past 3 years, according to Richard Rumsey, the Director of Programme Development & Impact at World Vision Uganda.
Rumsey also recognised that digitising Savings Groups through the use of the Dreamsave App has helped make transactions simpler and more transparent, in addition to the digitisation of all financial transactions.
This, he said, at the opening of the three-day Financial Inclusion Forum at Speke Resort Munyonyo on Wednesday.
The forum is co-hosted by VisionFund International, World Vision, and members of the Savings Group Linkage Working Group, including CARE, Opportunity International, Catholic Relief Services, Mercy Corps, HOPE International, CGAP, Chalmers Center, and WomenSave, with support from the World Bank.
Rumsey said that combining financial inclusion through Savings Groups with a range of other social interventions that enhance livelihoods and access to public services is key in addressing poverty at the household level.
“World Vision has a significant portfolio of Savings Groups globally – in Uganda alone, we have close to 16,000 active groups with approx. 400,000 members (60% of whom are women).” He said.
On barriers to financial inclusion, he said a recent World Vision Uganda household survey established that 84% of rural children surveyed did not have a birth certificate, which makes access to ID cards and financial services a challenge.
Rumsey called for multisector solutions to offer the best opportunity for expansion of financial services to the poor, stating that evidence shows that savings group loans enhance the potential for economic growth at the local level and that the poor can demonstrate a good track record on loan repayments at minimal risk to the lenders.
Financial inclusion in Uganda reached 81% of adults by 2023, up from 77% in 2018, according to the FinScope 2023 survey. While formal financial inclusion grew significantly, driven by digital and mobile money adoption, a widening gender gap in account usage and access persists, alongside a smaller but growing disparity for young women.
Lisa Kuhn, Inclusive Finance Knowledge Director for VisionFund International, said: “Our overarching goal with this conference has been to foster dialogue and collaboration among a diverse group of stakeholders to overcome barriers to Savings Groups linkages, build new partnerships, and create an enabling environment where savings groups and their members can access a full range of financial services that meet their needs and allow them to thrive.”
Mercy Sande Ainomugisha, CEO of VisionFund Uganda, said “ The Vision Fund story is a powerful testimony of how financial institutions can partner with communities to build pathways to formal financial inclusion for Savings Group members.”
She said, for VisionFund Uganda, supporting Savings Groups is not just a program, it is central to our mission.
These groups are trusted community structures with strong governance, repayment discipline, and resilience. Yet, millions of members, especially women and youth, face barriers to credit because of limited collateral.
Since 2019, VisionFund Uganda has been walking what we call the FAST Journey (Finance Accelerating Savings group Transformation). Starting in refugee-hosting districts like Moyo, Yumbe, Adjumani, and Arua, the program has expanded nationwide, now reaching 14 branches across Uganda.