Busega Scotland has worked with four women’s groups to start vicobas (maybe better known as credit unions). The concept is for Busega Scotland to provide initial capital in instalments, the women take loans for their small businesses and pay back the capital and interest. Busega Scotland supports and monitors the early management of the vicobas Eventually they become independent and the sole responsibility of the women members. One group in Igombe became independent last year, another Igombe vicoba is developing and the two vicobas in Chole are in their development phase.
Earlier this month, Julieth Godwin, Assistant Project Leader for Busega Scotland, reported on the developing groups and they are showing healthy capital growth. The Igombe group capital has grown by 165% since January, Chole 1 has had a growth of 153% since March 2017 and Chole 2 361% growth since January. Julieth also reported her confidence in the management of the groups, and the positive impact the vicobas are having.
The next newsletter will focus on our Family Support Projects in Igombe and Chole.