Kisoboka Africa is a financial inclusion and youth empowerment organization that works to improve the livelihoods of rural communities by ensuring access to inclusive financial services, entrepreneurship and financial literacy for children. One of their flagship programs is the Young Savers Clubs, which are school-based savings groups that teach children the value of saving, budgeting, investing and managing money.
One of the schools that hosts a Young Savers Club is St. Joseph Primary School Kyassonko, located in the Masaka district of Uganda. The club comprises of 50 members who have so far saved 562,200 Ugandan shillings (about $150) since February 2023. The club meets every week to conduct their saving activity, where the treasurer collects the money from the members as the secretary records the amount saved per member. The club leaders encourage members to save every sitting even if it’s as low as 100 shillings (about $0.03).
But saving is not the only activity that the club members engage in. After saving, they also go to a skill/hands-on training session, where they learn how to design bags/purses using beads. This is one of the many skills that Kisoboka Africa teaches them to help them start their own businesses or generate income for themselves and their families. The club members can also use their savings to buy materials or equipment for their projects.
The club members were trained on how to design the money purses with beads. The training went on smoothly and they will continue having it until they perfect the skill.
The club leaders also stay behind after the session to balance the books by ensuring that the cash corresponds with the records. This helps them develop their accounting and bookkeeping skills, as well as their sense of responsibility and transparency. Kisoboka Africa staff support them in this activity and provide guidance and feedback.
The Young Savers Clubs are not only a way for children to learn about money management and entrepreneurship, but also a way for them to have fun, make friends, express their creativity and build their confidence. Kisoboka Africa believes that by empowering children with these skills and opportunities, they can create a positive change in their communities and in the world.
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