Women’s Microfinance Initiative
Program Title: Transition to Independence
Location: Namagumba and Malare, Uganda
Grant Amount: $45,000
Areas of Impact: Environmental Sustainability, Leadership
Mission of Women’s Microfinance Initiative
The Women's Microfinance Initiative's mission is to establish village-level loan hubs administered by local women, to provide capital, training and support to rural women in the lowest income brackets in East Africa so that they can engage in income producing activities. By gaining this credit history and training they become eligible to transition to regulate commercial banking.
DFW’s grant will expand the successful Buyobo, Uganda, loan hub to women in surrounding villages.
This expansion will loans to 320 women in two year cycles. Repaid loans will be lent to another group of 320 women. The indirect impact is estimated to be at least 2300 villagers including immediate family, extended family, business suppliers and potential employees.
The impact of the program
• Increasing economic opportunity and empowerment.
• Providing a financial system that is rule based, predictable and non-discriminatory through a fair micro-credit service that provides the training and credit history necessary to enable its rural women borrowers to easily transition to regulated banking.
• Promoting social change and gender equality, including a reduction in domestic violence and child mortality, improved maternal health and reduced HIV/AIDS, malaria and other disease.
• Working to eradicate extreme poverty and hunger, especially in areas ravaged by a long history of war and violence.
• Increasing business skills and leadership roles through its women-run organization
DFW’s grant will pay for salaries/stipends, operational supplies, loan issuance/training costs, and capital for the loans.
Why We Love This Project
The organization's method incorporates women into the banking system. Participants in the programs may become staff members. Further, domestic violence is reduced because women gain respect in the community when they open their own business.
Category: Payday loans