The Financial Paradox has always been the major concern of refugees in Uganda since they have not been part of the equation simply due to a few underlying factors like lack of security in form of assets and collateral fear for disappearing, failure to pay back, biased mindset and many others reasons.
PROPARCO, a French agency together with implementing partners such as Grameen Credit Agricole, UGAFODE and Vision Fund are changing the dynamics in the lives of refugees living in Uganda and the host communities.
With the recent developments, under the second phase, PROPARCO has injected in euros 660, 0000 worth Ugx 2.64bn to increase and grow access to financial services , development of digital tools and training programs.
The Initiative has yielded tangible results in the areas of operations with over 100, 000 refugees joining the financial services mix in the Kyawangali, Nakivale , Moyo and Yumbe in West Nile.
In his address Mr. Jean Guyonnet – Duperat, regional director Proparco, highlighted that they have been able to support over 250, 000 refugees and host communities as a result of financial Inclusion and has sparked both social and economic development in the areas of work.
Representing UGAFODE, Mr.Shafi Nambobi, Chief Executive Officer noted that they are not taking this as a project but as their area of focus.
“We started at Ugx 1.4m and now are at Ugx are 1.8m. The loans we have been disbursing have been paid like any others. This has created jobs, improved livelihoods, spurred development and many others things and as we speak now , our current manager was a refugee which is a good cause”. Said Nambobi.
He also called upon other partners to get on board so that they can scale up for the women, youth and even for the small holder farmers.
Ms. Mercy Sande Ainomugisha, Vision Fund , Chief Executive Officer thanked the team for working with them and said that they started with a baseline survey in 2018 with West Nile and even though the financial institution did not see it come forth. It worked out with their partnership with Proparco and are able to meet the financial needs of refugees in Moyo and Yumbe.
” We have been able to Invest about USD 6.7 Million and impacted communities and 82 percent of the clients served were women and that gives us hope because it makes it possible to empower families since women are very pivotal in the well- being of their families and spill over effect is very visible”. Ainomugisha reiterated
She asserted that one of the key things was investing in digitalisation that created inclusion which has reduced the number of field officers in operation and been able to serve and reach out many clients.
Ainomugisha shared that they have also been able to include ; micro health insurance products which have been welcomed and have had a repayment of about 95 percent, adding that leveraging
partnerships helps them to reach out to many communities especially those who are not in the financial space .
H.E Virginie Leroy , French Ambassador to Uganda, said that they are working on developing sustainable policies and many countries are looking and bench marking at Uganda as one of the best refugee hosting countries in the World.
” France uses their influence which is the Humanity one to promote humanitarian action and development and for also economic program to move from short term to long term.
One of the ways is extending Financial services to these refugees especially the women and have been empowered to move from dependency to reliance ” Virginie said.
Uganda is home for over 2 million refugees and the largest hosting country in Africa with an estimation of 600 refugees entering the country every day with half a million being unde Minors under the age of 18 with majorly from South Sudan and Democratic Republic of Congo
