With support from the French Embassy in Uganda’s Social Development Fund, we provided loans to an initial number of 20 entrepreneurs and realized a loan payback rate exceeding 95%. As of July 2018, the ALFI Fund is supporting nearly 100 clients with a revolving amount of nearly $2,500.
The 35 farmers benefitting from the Village Egg Bank pilot project have received their share of the profits from May egg sales. Each farmer also received a "statement" of how much money he or she has in savings. This was done as part of a workshop where the Subcounty Chief of Kei, Mr. Ojoatre Rashid, discussed financial literacy skills and income generating activities that the farmers should consider investing in.
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On Tuesday April 19, 2015, Nested Savings Uganda started an exciting new initiative in partnership with ECOTRUST Uganda.
Through this partnership, we will be distributing Solvatten Solar Safe Water Systems to people in Northwestern Uganda. The highly subsidized (from $100+ to $15 each) water heating and purification device will reduce the burning of charcoal and firewood during cooking and thus contribute to environmental conservation. The device provides safe drinking water to reduce water borne and water related diseases, affords users extra productivity hours since they will no longer have to travel to buy charcoal or firewood, and saves money since users are less likely to incur medical costs associated with prevalent waterborne diseases like Typhoid Fever.
A team from ECOTRUST Uganda has trained the Nested Savings team on how to market and sell the devices.
Our key role in this partnership is to advertise and sell the device to people within our locality. ECOTRUST Uganda supplies the devices, subsidizes the cost, and is the link to the manufacturers of the device.
Learn more about the Solvatten device at http://www.solvatten.se/learn/learn-more/
The Egg Bank team has participated in a workshop hosted by the Makerere University School of Public Health ResilientAfrica Network (RAN) in partnership with the Stanford University Change Labs. The workshop was aimed at Advancing Innovations and was held at the RAN office in Kololo, Kampala. As part of the workshop, the team participated in a pitch competition mainly for the purpose of getting feedback related to the Egg Bank's business model.
The Egg Bank team took 3rd place in the competition and was awarded a cash prize of $300 to continue remodeling or improving the project in preparation for scale.
The ResilientAfrica Network (RAN) has selected our Village Egg Bank in Egg Currency project as one of seven promising ideas with the highest potential for social impact if scaled. Selection criteria also included sound technical plausibility and innovativeness. This award was accompanied by a grant which will be used to fund a prototype of the project starting in August 2015. Read more about the award here.
Learn more about the Egg Bank project here.