Up scaling Financial Services and Entrepreneurship for the Youth in Uganda (UFSEYU) 2016 (This project was intended to add another 5,000 youths to the number of the earlier Youth project FSEYU
With financial support from We Effect/Postkod Lotteriet, the Project was implemented in seven Districts of Uganda: - Kayunga - Apac - Nebbi -Sembabule - Rukungiri - Masaka - Kumi The Project had its main objectives as: - Provide financial services and impart entrepreneurial skills to enable Out-of-school youths to start viable and sustainable income-generating enterprises. - Emphasize agriculture as a viable career option for the youth to earn income. - Inculcate a Cooperative Movement spirit among the youth by encouraging the formation of small agricultural groups using the Village Savings and Loans Associations (VSLAs) approach/methodology which would eventually transform these groups into Savings and Credit Cooperatives (SACCOs). - Build the capacity of the youth to be self reliant and thereby contribute to reducing the injustices and human suffering related to poverty. - Strengthen the capacity of UNFFE Apex to establish, carry out training and supervise the implementation of the UFSEYU Project through 7 identified District Farmers Associations of Apac, Kayunga, Kumi, Masaka, Nebbi, Rukungiri and Sembabule. - Strengthen the capacity of 7 DFAs to impart the required saving, borrowing and entrepreneurial skills and experience to the target group/the youth in the districts so that 175 self-sustaining, member-based VSLA youth groups with nearly 5,000 members are in place (25 VSLA groups of 30 members per DFA). - Support with the Innovative Fund, at least 14 innovative projects (2 per DFA) started by the youths to enable them grow and achieve sustainability. - Mainstream Gender, HIV/AIDS, and Environment protection and conservation measures among 5,000 youths in the identified project districts. What are the achievements: - A total 751 VSLA groups were formed. -19,362 Youth membership to VSLA groups(Male and Female). - Ugx 6,386,456,343 Cumulative value of Saving by youth VSLA groups was recorded. - Ugx 5,561,774,556 (5.6 billion) Cumulative Value of loans by youth VSLA groups was recorded. - 1,862 group enterprises were formed each of which employs on average 8 youths or a total of 14,896 youths At least 40,000 jobs have been created by individual youths since each youth has started an income generating activity and employs on average two youths.\ Total youth employment is over 50,000 jobs in a period of only four years. Other Benefits of the Youth Projects (FSEYU & UFSEYU): Acquisition of Vital Life skills: Close to 20,000 youths have acquired entrepreneurial and other vital life-skills which are helping them to make big improvements in their lives. The skills include using the VSLA methodology to save their own money, borrow it to start projects and paying back the loans on the due dates (embracing a sustainable saving culture and high level of financial literacy); ability to start viable income-generating enterprises and thus becoming rich and contented; fighting HIV/AIDS; understanding gender issues; shunning away from gambling; loving agriculture and agri-business as a source of income; loving the environment/ sustainable management of the environment etc. There are numerous testimonies from the youth on how the Financial Inclusion projects have empowered them and transformed their lives for the better.