FynixSave

A product of FynixWave that enables individuals and community saving groups to manage and monitor their savings together.

Operating as usual

Allen share’s her Story

One day, a primary teacher who is married to a businessman could not access any money from her husband to solve a financial problem. She went to Bugongi savings and a cooperative bank that is 2-5 km proximity, she gets an officer for assessment and made an appointment to do an appraisal for the loan as per the bank policy.

Unfortunately, the husband wasn’t aware of what had transpired. Before the lady could explain what she wanted the money for, the husband was furious with the wife for attempting to get money from the bank. That night, Allen was chased away from home. She approached an elder of the village who accommodated her for a night at his home. The following morning, the elderly man had to come with Allen home but again they were both chased away by Allen’s husband. She had to move very first to talk to the father in law who lives at a distance of about 15 km. A meeting was convened by the two elders, the husband and herself and 5 other clansmen. It took over 4 hours trying to convince Allen's husband about the wife’s need for the money and that he wasn’t in the position to provide it. Meanwhile, throughout the meeting, Allen was kneeling throughout. This was beyond humiliation to torture, gender violence. She asked for forgiveness but still was in need of the money. If it wasn’t because of security requirements by the bank, the husband would not have a problem Allen getting money from the bank. She had no collateral, therefore, had to use the family property she acquired together with the husband.

The only alternative was from AKABOXI, where communities save together and borrow money within themselves at 5% interest rate. They meet every week and save an average of 0.03 USD per individual. A group has on average 30 people majority being the youth and women. The sub-county of Bugongi alone keeps a minimum of 1,083,000 USD kept in the group (box) leaders houses. The major challenge that these groups face is security for their savings. Every end of the year from the months of September, to December before the money is shared amongst smallholder farmers, thieves steal the money. There are repeated cases of such incidents year after year. This is savings from farmers through agricultural production. A problem of lack of access to finance like for the case of Allen story. There is always a need for credit to fill the financial gap for various needs like purchase of agricultural inputs like seedlings, fertilizers, mulches, hiring out land for agriculture, payment of school fees for the children, for health care, medical bills, adding capital in business, building houses, toilets, payment of bills and clothing. Accessibility of ready markets for their agricultural produce is also a major challenge. But with AKABOXI partnerships with the different market links improves the returns from agriculture. Lack of awareness, training in finance and agricultural best practices is a hindrance to low productivity. Observing for a long time the problems of smallholder farmers have been consistent, akaboxi came in a solution to their low productivity, to help and enable smallholder farmers secure their savings, and scale up to increase their savings. The needs of the groups are addressed by AKABOXI by providing a

to scale up the productivity of smallholder farmers to save more money, empower communities, improve their livelihoods, and eradicate poverty for economic development.

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Telephone

Address

Semawata RD Ntinda
Kampala
00256

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00
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