A crash course in changing the world.
"We took a survey in 2007 and another one in 2008 to identify some of the major loop-h***s in our monetary system and we found out that the money flow currently poor. Many people don't have access to small loans to help them start small businesses - mainly because they don't have security to cover the loans! At the same time people 's saving habits are poor", said the manager Community Bank in a telephone interview.
Apparently the Community Bank has been formed for the people by the people! The bank is reinventing the cooperative groups in rural communities. Because of the prevailing poverty, many people cannot afford a security for a loan, as a group, it becomes easier to acquire a loan. The bank is going to focus on issuing very low interest rate - development loans to small and big groups of people. Of course these groups have to convince the bank that they will be able to service the loan.
We shall also issue savings accounts to these groups and individuals.
The bank is set to operate in all districts around Uganda with at least one branch per district. Branches around the country are set to start operating this week.
"We are mainly setting our roots in the diaspora, we realize that the people at the grassroots need immediate rescue from poverty. We promise to work closely with all social entrepreneurs in the country. Agriculture is the leading sector in generating revenue in the country and we have a special plan to modernize agriculture through issuing "agriculture modernisation loans to farmers and farmer groups" added the Manager Cooperative Bank.
The major target of this bank is to eliminate poverty through educating social entrepreneurs on how to save, spend and invest wisely. The bank will also issue low interest rate loans to individuals and groups in the diaspora and provide a rescue/ development fund as required.