The Father's and Mothers Union of all Saints Church Jjanyi have this afternoon had a talk on investment clubs - the new solution facilitated by Mrs. Christine Magala of IFE and Stella from Centenary Bank.
Mrs. Magala said that investment clubs are the new solution to financial problems. She said that Investment clubs are Legal Partnership of people with a unifying factor who collectively pool their resources to make joint investments.
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| Mothers and Fathers Union members of All Saints Jjanyi listen to Stella of Centenary Bank on the case for investments |
She went on to say that they unite like minded individuals who share similar common objectives.
She further said that they are built on the foundation of Trust, integrity and respect.
She said that investment clubs started with gifting, voluntary contribution, rotational sharing (cash rounds), savings and credit coop SACCO or self helps and now investment clubs.
She quoted Shiva Khera "winners don't do different things. They do things differently "
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Forms of investment clubs
1. Hybrid of investment clubs
2. Investment clubs by shares
3.investment clubs based on a flat saving rate eggs 100k monthly contribution across all members
4. Investment clubs based on commitment fee over and above the general monthly.
If you have a SACCO do not destroy it.
1. Hybrid of investment clubs
2. Investment clubs by shares
3.investment clubs based on a flat saving rate eggs 100k monthly contribution across all members
4. Investment clubs based on commitment fee over and above the general monthly.
If you have a SACCO do not destroy it.
Current challenges facing Ugandans. A case for investment clubs.
If you want to go fast, go alone. If you want to go far, go together. Most people live beyond their means. He/she gets salary advance, salary loan, loan from money lenders.
Bodaboda have done it well to be in investment clubs.
If you want to go fast, go alone. If you want to go far, go together. Most people live beyond their means. He/she gets salary advance, salary loan, loan from money lenders.
Bodaboda have done it well to be in investment clubs.
45% of Ugandans do not plan for risks and emergency. In Uganda we have over 100 types of cancers.
Over 40 percent of Ugandans misuse NSSF savings. All these have led us to join investment clubs.
Over 40 percent of Ugandans misuse NSSF savings. All these have led us to join investment clubs.
Poor planning for the future
First 25 years someone was responsible for your future.
Earning phase time between 25 years to 60 years. 60 to 70 years to 90 years who will pay for this? Yearning phase critical shortfall. This therefore calls for need for investment clubs.
First 25 years someone was responsible for your future.
Earning phase time between 25 years to 60 years. 60 to 70 years to 90 years who will pay for this? Yearning phase critical shortfall. This therefore calls for need for investment clubs.
We have to work had for our old age. Our children will have their own problems to handle. Do not assume that they will get jobs to look after you.
"He who wants to keep warm in old-age must build a fireplace in his youth" German proverb.
Growing old is compulsory but growing up is optional.
Growing old is compulsory but growing up is optional.
Poor saving culture.
In 2011 Ugandans saved 1.5%, Kenya 20%, Rwanda 26% and Tanzania 10%. According to Kenya Retirement Benefit Authority.
In 2011 Ugandans saved 1.5%, Kenya 20%, Rwanda 26% and Tanzania 10%. According to Kenya Retirement Benefit Authority.
School fees/tertiary education. In 13 years from Now, university tuition will be extremely high. We need to prepare money for our children's tuition.
High debt burden : we do not use the money we have got for the actual need it was borrowed for.
Investment clubs benefits
1.Saving culture
2.investment discipline
3. bigger voice
4.Shared risks
5.Networks
6.Harnessing diversity
7.Social ties: friendships
1.Saving culture
2.investment discipline
3. bigger voice
4.Shared risks
5.Networks
6.Harnessing diversity
7.Social ties: friendships
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| Masala time |
Challenges
1.Divergent objectives
2.Lack of trust and transparency
3.lack of commitment
4.analysis paralysis
5.Lack of member participation
6.Disagreement on investment
1.Divergent objectives
2.Lack of trust and transparency
3.lack of commitment
4.analysis paralysis
5.Lack of member participation
6.Disagreement on investment
In the name of investment club you can
1.Retire honourably
2.Live with dignity
3.Build intergenerational wealth.
4.Coming together is the beginning
5.Keeping together is progress
2.Live with dignity
3.Build intergenerational wealth.
4.Coming together is the beginning
5.Keeping together is progress
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| Members of the Fathers and Mothers Union of All Saints Church Jjanyi |
Stella of Centenary Bank talked about what the group need to get started.
1. Come together and agree on membership
2. Agree on governance/leadership structures
3. Have documents drawn and signed
3.Agree on saving plan and get committed to save.
4. Agree on the objective to achieve and when
5. Open a Cente Investment club account
6. Have regular brainstorming meetings.
2. Agree on governance/leadership structures
3. Have documents drawn and signed
3.Agree on saving plan and get committed to save.
4. Agree on the objective to achieve and when
5. Open a Cente Investment club account
6. Have regular brainstorming meetings.
Benefits of banking with centenary Bank
1.Dedicated Relationship manager
2. Ease registration
3. A loan of up to 150 percent of amount saved
4. Advisory and investment club clinics/Business skills training.
2. Ease registration
3. A loan of up to 150 percent of amount saved
4. Advisory and investment club clinics/Business skills training.
5. Specialised financial and investment planning
6. Ease of access to other products and services
Networking opportunities
6. Ease of access to other products and services
Networking opportunities
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