savings groups

Uncover Financial Growth: A Guide to Finding Savings Groups in Uganda

kamasu Paul

Jan 5, 2024 — 3 min read

Are you on a financial journey and looking for a smarter way to save? Joining a savings group might be the key to reaching your goals faster and more efficiently. In this article, not only will we explore how to find the perfect savings group, but we'll also delve into why being part of a group can outshine individual saving efforts.

Here is an Outline of what we are going to cover

The advantages of saving groups and why you should join one
Ways in which to find savings groups
And How to start a savings group in case you can't find one

Why listen to Me?

Let's address the obvious question: Why should you consider my advice in this article? Well, the answer lies in my hands-on experience. Over the last 1.5 years, I've not just run one but two savings groups, encountering and overcoming the challenges that come with managing such endeavors. I'm sharing my firsthand experience to assist others who find themselves on a similar journey to the one I embarked on a year and a half ago.

Convinced? let get started

Why Opt for Savings Groups?

Before we dive into the strategies for finding savings groups, let's first understand the unparalleled benefits of being part of one. Imagine the strength that comes from unity—this is the essence of savings groups. Members contribute small amounts that, when pooled together, create a substantial fund that can be used to achieve collective financial goals.

As an individual, your financial capabilities have limits, but within a group, the possibilities are limitless. Here's why you should seriously consider joining a savings group:

Access to Substantial Funds: Benefit from a collective pool of money for significant financial endeavors.
Low-Interest Loans: Enjoy access to affordable loans with minimal interest rates.
Cultivates Saving Habits: Foster a culture of saving and investing within the group.
Free Financial Knowledge: Tap into the collective wisdom of the group for valuable financial insights.

Moreover, joining a savings group isn't just about personal gain—it's a journey toward making all members financially empowered.

Where to Find Your Ideal Savings Group

If you're wondering how to embark on this financial adventure, here are three dynamic methods to discover and join savings groups:

Google Search Magic: Start with a simple Google search using keywords like "savings groups near me." While not all groups may be publicly listed, and this might not give too many options, it's the simplest to get started with find a saving group.
Friends' Recommendations: Leverage your social circle. Ask friends about their experiences with savings groups or if they know of any reputable ones. Their insights could lead you to the perfect group, especially in regions like Uganda where savings groups thrive.
Pesasave App Exploration: Explore the Pesasave app's dedicated savings group page. Discover groups that are open to new members, or request an invitation if they're invite-only. Visit the pesasave savings group web page and follow the steps to join a group that aligns with your financial goals.

Can't Find the Right Group? Start Your Own!

Sometimes, the best solution is to take matters into your own hands. If existing groups don't match your criteria, consider kickstarting your own savings group. It's easier than you think! Follow this blueprint:

Determine Group Size: Aim for a manageable size, ideally between 15 and 25 members. Too few may lack impact, while too many can become challenging to manage.
Select Group Members: Identify potential members from your network—friends, family, or coworkers.
Set Contribution Terms: Decide on the frequency and amount of contributions. Monthly contributions are popular, aligning with salary cycles. Ensure the contribution is challenging but feasible for all members.
Establish Group Rules: Craft clear rules covering contributions, penalties for delays, loan processes, profit-sharing, and exit procedures. Clarity ensures smooth group dynamics.
Recruit Members: Reach out to your network, explaining the benefits and rules. Aim to recruit double the intended group size to ensure a robust start.
Manage the Group: Oversee contributions, communicate via platforms like WhatsApp, and consider using tools like the Pesasave app for seamless management.

One more thing

If you are genuinely committed to initiating or becoming a part of a savings group, I highly recommend exploring pesasave.app. Our daily mission revolves around enhancing the effectiveness of savings groups. We offer comprehensive support in managing every facet of the group, including onboarding, contribution collection, loan disbursement, tracking repayments, and even sending timely payment reminders.