Ghetto youth flocked the newly opened Ghetto Bank of Kamwokya to open accounts.
Young ghetto residents lined up this morning on Old Kira Road to open accounts in their own Sacco, which was formed from the grassroots by residents of Kamwokya.
This area is one of the hot spots of politics with quite several youths trying to find something for themselves to keep themselves busy but also avoid committing crimes to survive.
In partnership with the local leadership of the LCs, the youth were organised into a Sacco that would help transform their lives while building a savings culture among them.
Speaking to one of the founders and brains behind this Sacco, Allan Lwanga is no ordinary Ghetto resident. He prides himself on being from the ghetto but not being ghetto. He was able to organise these youth to form an in-house Sacco built on comradeship. A philanthropist by nature, Allan is a graduate of Makerere University with further postgraduate studies in the UK in Finance and Marketing. Allan has a career spanning 18 years in banking, FMCG, and insurance where he held various posts up to CEO.
“I like seeing challenges as opportunities. If you look at most of the philanthropy work done in our society today, it’s very basic. Most ideas never drift far from people’s homes, beliefs, religions, etc. For instance, building a school in one’s village or sponsoring someone to study or get medical treatment, don’t get me wrong these are great initiatives, but we need to look further into things like the conversion of boda cycles from combustion engines to chargeable electric engines, or universal insurance for all urban poor. These are the real sustainable initiatives that target everyone moving up together,” he said.
Sacco members are also encouraged to join a group insurance scheme that covers their life and hospital bills in case of misfortune.
The Sacco has already partnered with several organisations such as payway, banks, and telecom companies among others to offer value-added financial services all in-house.
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