In a significant move to boost financial inclusion and economic resilience among Uganda’s informal sector workers, the Rotary Club of Sonde has successfully conducted capacity building training for traders operating in informal markets across the country, with a strong focus on Goma Market in Mukono Municipality.
The training, organised in collaboration with the National Social Security Fund (NSSF) and Anka Financial Services, aimed to equip market vendor many of them women with essential skills in savings, retirement planning, responsible credit access, and business growth without risking their assets.
Led by Timothy Ashabahebwa of the NSSF, the sessions highlighted the Fund’s role in providing social security and urged traders to embrace voluntary savings.
Ashabahebwa challenged the common perception that retirement savings are reserved for formal office workers, encouraging informal traders to start preparing early for a secure future.
Connie Magomu Masaba, a Past President of the Rotary Club of Sonde and a committed Rotarian, explained the initiative’s core objective.
Masaba added that the partnership enables traders to access affordable credit while building sustainable saving habits.
The training aligns with Rotary International’s seven areas of focus, including community economic development, peace-building, maternal and child health, environmental protection, basic education and literacy, water, sanitation and hygiene, and disease prevention and treatment.
Stephen Mwanga from Anka Financial Services advised traders to shun exploitative money lenders who charge exorbitant interest rates that often cripple businesses.
Instead, he encouraged them to join reputable institutions offering low-interest loans and to leverage mobile phones for convenient access to financial services, reducing the need for physical queues and paperwork.
Salongo Ibrahim Katongole, Chairperson of traders at Goma Market testified to the transformative impact of the training.
“Many of us used to leave the market with nothing at the end of the day, forcing us to borrow from money lenders who exploited us” he said.
He added that this training has reduced their reliance on such exploitative practices and is changing their lives for the better.
Traders who participated, including Medi Ssentongo expressed gratitude to the Rotary Club of Sonde for the initiative.
Officials from all partnering organizations expressed hope that the training will inspire more traders nationwide to adopt prudent financial habits, contribute to the NSSF’s goal of expanding coverage to the informal sector and ultimately foster greater economic stability and peace in their communities.
