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Empowering Rural Women Through Financial Literacy: A Spotlight on the FAAL Project

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Introduction

In the heart of Luweero District, a transformative initiative is making waves, empowering rural women with the knowledge and skills needed to achieve financial independence. On July 31, 2024, the Financial Awareness and Literacy Leadership (FAAL) project led by Dr. Hellen Namawejje from the Department of Statistical Methods and Actuarial Sciences held a dissemination event to share its findings and celebrate the success of its efforts. The event brought together a diverse group of stakeholders, including local leaders, community members, and the very women whose lives have been touched by the project.

Dr. Hellen Namawejje, Department of Statistical Methods and Actuarial Sciences, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa, Financial Awareness and Literacy Leadership (FAAL) project, empowering rural women with the knowledge and skills needed to achieve financial independence, research dissemination, 31st July 2024, Luweero District, Uganda, East Africa.
Dr. Hellen Namawejje.

A Community United

The event was a testament to the power of community and collaboration. Dignitaries such as the District Deputy Mayor Prince Juuko Patrick, the Semuto SACCO Manager, the Community District Officer, and three chairpersons from the study villages were in attendance, alongside over 50 women participants. The atmosphere was one of hope and excitement, as stakeholders gathered to discuss the impact of financial literacy on rural women’s lives.

Some of the participants keenly follow proceedings. Dr. Hellen Namawejje, Department of Statistical Methods and Actuarial Sciences, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa, Financial Awareness and Literacy Leadership (FAAL) project, empowering rural women with the knowledge and skills needed to achieve financial independence, research dissemination, 31st July 2024, Luweero District, Uganda, East Africa.

Prince Juuko Patrick, the District Deputy Mayor, inaugurated the event with a message of gratitude and encouragement. He praised the FAAL project for its dedication to improving financial literacy and urged the attendees to apply the insights gained to better their financial well-being. Other stakeholders echoed his sentiments, highlighting the critical role of financial education in fostering economic independence and community development.

Study Objectives and Key Findings

The primary aim of the FAAL project was to assess the financial awareness and literacy levels among rural women in Luweero District. The study included a comprehensive needs assessment, financial literacy training, and efforts to connect women farmers with various local associations, including healthcare, insurance, agricultural, banking, and women’s associations.

Key Findings:

  1. Financial Literacy Training: The training programs significantly enhanced participants’ abilities to make informed financial decisions regarding budgeting, saving, spending, and investing. This improvement is poised to elevate their standards of living over time.
  2. Financial Education: The study underscored the importance of accessible financial education at all life stages. It also revealed that business ownership and financial influence from family and school are vital in boosting financial literacy among rural women.
  3. Role of Associations: Membership in village savings and loan associations (VSLA) and Savings and Credit Cooperative Organizations (SACCOs) was found to be positively associated with higher financial literacy levels.

Recommendations for the Future

Based on the study’s findings, the FAAL project put forward several key recommendations:

  1. Continuous Training Programs: Implement ongoing financial literacy training to sustain and build upon the skills acquired by the women.
  2. Community-Level Financial Literacy Curriculum: Introduce a structured financial literacy curriculum at the community level to ensure consistent and comprehensive education.
  3. Community Sensitization: Raise awareness about government initiatives related to financial literacy and empowerment to enhance community engagement and participation.
  4. Encourage Family Financial Education: Promote the teaching of financial matters within families to instill good financial habits in children from an early age.

Transformative Impact

The FAAL project highlights the profound impact that financial education can have on rural women, empowering them to achieve greater economic independence. By equipping them with the necessary skills and knowledge, these women are better positioned to support themselves, their families, and their communities.

Dr. Hellen Namawejje, Department of Statistical Methods and Actuarial Sciences, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa, Financial Awareness and Literacy Leadership (FAAL) project, empowering rural women with the knowledge and skills needed to achieve financial independence, research dissemination, 31st July 2024, Luweero District, Uganda, East Africa.
Dr. Hellen Namawejje.

Speaking on the sidelines of the training, Dr. Namawejje appreciated the support of the Carnegie Corporation of New York through the Future Africa Research Leadership Fellowship (FAR-LeaF) at the University of Pretoria for the support. She appreciated her mentor Prof. Bruno Yawe for his invaluable guidance and support.

Conclusion

The dissemination event in Luweero District was more than just a presentation of findings; it was a celebration of progress and a call to action. The FAAL project serves as a beacon of hope, demonstrating that with the right support and education, rural women can transcend financial barriers and contribute significantly to their communities’ development. As Uganda continues to embrace initiatives like FAAL, the future looks brighter for rural women striving for financial independence and a better quality of life.

Business & Management

URA Officials Visit CoBAMS to Discuss Research Collaboration and Awareness Campaign

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L-R: Dr. Kavuma, Dr. Kintu, Prof. Bbaale, Mr. Agaba, Mr. Ssebuyiira and Mr. Okello. Delegation from the Uganda Revenue Authority (URA), led by Mr. Okello Joseph, visit to the College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa, 6th September 2024.

On 6th September 2024, a delegation from the Uganda Revenue Authority (URA), led by Mr. Okello Joseph, visited the College of Business and Management Sciences (CoBAMS) at Makerere University to explore potential collaborations aimed at enhancing research capabilities within the academic community. The visit focused on raising awareness of the URA Research Lab and discussing joint initiatives between URA and CoBAMS.

Mr. Okello was accompanied by Mr. Agaba Gerald and Mr. Sebastian Ssebuyiira from URA. Representing CoBAMS at the meeting were Dr. Kintu Ismail from the School of Business and Dr. Kavuma Susan, Head of the Department of Policy and Development Economics.

The Principal of CoBAMS, Prof. Edward Bbaale, warmly welcomed the URA team and expressed his excitement about the proposed collaboration. He acknowledged the immense potential of the URA Research Lab, which was established in May 2022 in partnership with the United Nations University World Institute for Development Economics Research (UNU-WIDER). The lab provides anonymized tax data that can be utilized for advanced academic research and policy development, particularly in the areas of tax policy, economics, public policy, and finance.

Mr. Okello emphasized the value of the URA Research Lab, noting that, “This is a unique opportunity for researchers to access comprehensive tax data that has been collected over the last decade. We hope to bridge the gap between research and policy-making by offering data that informs reforms in taxation and public policy.”

Key points discussed during the visit included a proposal to conduct an awareness campaign within CoBAMS to highlight the underutilized resources of the URA Research Lab. The campaign would target students, lecturers, and other researchers, encouraging them to use the lab’s resources for cutting-edge research.

Dr. Kintu Ismail highlighted the benefits of the proposed collaboration, stating, “This partnership presents a real opportunity for our students to access valuable data for research and to learn from experts in tax policy. It will undoubtedly elevate the quality of our research output.”

Dr. Kasuma Susan also expressed optimism, pointing out that integrating the URA Research Lab’s data into the university’s curriculum would enhance students’ practical understanding of real-world applications in tax administration and policy.

In addition, Prof. Bbaale expressed a desire to formalize the relationship between URA and Makerere University through a Memorandum of Understanding (MoU). This partnership would pave the way for joint research projects, guest lectures, and resource sharing, benefiting graduate students and researchers at CoBAMS.

Mr. Sebastian Ssebuyiira added, “We are eager to see how this collaboration can expand beyond just data sharing. We look forward to working on joint publications and engaging in meaningful discussions that contribute to national development.”

The meeting concluded with both institutions expressing optimism about the future of the collaboration, which promises to strengthen academic inquiry, support tax policy reform, and offer practical training for Makerere University students. Further discussions on formalizing the partnership through an MoU are expected to take place in the coming weeks.

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CoBAMS Hosts Career Guidance Day: Navigating Career Choices

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Dr. Muhumuza speaks to the students. College of Business and Management Sciences (CoBAMS), Career Guidance Day, September 6th, 2024, under the theme, "Navigating Your Future Career Choices: Preparing for the Evolving Job Market", Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda, East Africa.

The College of Business and Management Sciences (CoBAMS) at Makerere University held an insightful Career Guidance Day on September 6th, 2024, under the theme, “Navigating Your Future Career Choices: Preparing for the Evolving Job Market.” The event aimed at equipping students with the knowledge and tools needed to make informed career decisions in a fast-changing employment landscape.

The event commenced with welcome remarks from the Principal of CoBAMS, Prof. Bbaale, who applauded the students for their enthusiasm in taking control of their career trajectories. He emphasized the crucial role career guidance plays in preparing students to face future challenges and take advantage of emerging opportunities in an ever-evolving job market.

College of Business and Management Sciences (CoBAMS), Career Guidance Day, September 6th, 2024, under the theme, "Navigating Your Future Career Choices: Preparing for the Evolving Job Market", Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda, East Africa.

Byamukama Junior, Chairperson of the CoBAMS Career Guidance Committee (CGC), also addressed the gathering, encouraging the students to actively engage with the day’s discussions and to seriously consider the career advice offered by the panelists. His message focused on the importance of informed decision-making and personal initiative in shaping one’s career path.

The opening remarks were delivered by Basalirwa Jonathan, Chairperson of the Organizing Committee, who underscored the importance of the event in helping students clarify their career goals. He extended his gratitude to the organizing team and the speakers for their dedication in making the event a success.

A student leader Basalirwa Jonathan, also Chairperson of the Organizing Committee gives welcomes remarks. College of Business and Management Sciences (CoBAMS), Career Guidance Day, September 6th, 2024, under the theme, "Navigating Your Future Career Choices: Preparing for the Evolving Job Market", Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda, East Africa.
A student leader gives welcomes remarks.

The keynote address was given by renowned economist Dr. Fred Muhumuza, who shared profound insights into career development. He emphasized the significance of self-awareness, urging students to “know what you want and be determined.” Dr. Muhumuza encouraged the attendees to strive for excellence in all they do and to remain open to the diverse opportunities available in emerging fields such as climate change, population growth, human rights, information technology, computer programming, and project analysis.

In an inspirational moment, Dr. Muhumuza advised students to “train your brain to come up with something important,” highlighting the need for continuous innovation and skill development to stay competitive in today’s dynamic job market.

A lively panel discussion followed, featuring industry experts and mentors who shared their experiences and offered practical career guidance. The panelists addressed students’ questions, providing insights on various career pathways and offering mentorship advice on how to successfully navigate the complex job market.

Panelists engage with the audience during the session. College of Business and Management Sciences (CoBAMS), Career Guidance Day, September 6th, 2024, under the theme, "Navigating Your Future Career Choices: Preparing for the Evolving Job Market", Yusuf Lule Central Teaching Facility Auditorium, Makerere University, Kampala Uganda, East Africa.

Students took advantage of the interactive session to inquire about career challenges in their fields of interest and how to align their academic pursuits with future job opportunities. The panelists offered thoughtful responses, empowering students with actionable guidance for making informed career decisions.

The event concluded on a positive note, with many students expressing appreciation for the valuable insights shared and a renewed sense of direction in their career planning.

This year’s Career Guidance Day at CoBAMS reaffirmed the importance of proactive career planning and underscored the need for students to remain adaptable, innovative, and forward-thinking as they prepare to enter the global job market.

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Economics researchers launch Study on Accelerating Just Transition to Clean Energy for Youth Entrepreneurs

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Participants pose for a group photo after the workshop. Inception and Methodological Workshop to kick off their groundbreaking study titled “Supporting African Youth Entrepreneurs to Accelerate Just Transition to Clean Energy and Climate-Resilient Businesses.” 29th August 2024, School of Economics, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa.

On August 29th, a team of researchers from the School of Economics at Makerere University held an Inception and Methodological Workshop to kick off their groundbreaking study titled “Supporting African Youth Entrepreneurs to Accelerate Just Transition to Clean Energy and Climate-Resilient Businesses.” The workshop, which marked the official launch of the project, was attended by various stakeholders, including policymakers, private sector representatives, civil society members, and development partners.

The research team, led by Dr. Fred Matovu, provided an overview of the study’s focus and outlined the methodology that will guide the research process. The project is centered on developing climate-smart energy solutions for Youth-led Small and Medium Enterprises (YSMEs) in Uganda and Tanzania, with the ultimate goal of accelerating a just transition to renewable clean energy sources. This transition is seen as crucial for establishing climate-friendly businesses that can thrive in a low-carbon economy.

Dr. Fred Matovu addresses participants. Inception and Methodological Workshop to kick off their groundbreaking study titled “Supporting African Youth Entrepreneurs to Accelerate Just Transition to Clean Energy and Climate-Resilient Businesses.” 29th August 2024, School of Economics, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa.

Dr. Matovu highlighted that the study will be conducted in three key phases. The first phase involves researching how YSMEs can effectively contribute to low-carbon growth through the adoption of clean energy. This phase will also identify institutions capable of providing training and mentorship in green practices, as well as assess the existing policies and regulatory frameworks related to clean energy in Uganda.

In the second phase, the research team will conduct a comprehensive survey of 50 YSMEs to evaluate their potential for adopting clean energy practices. The survey results will help pinpoint specific areas where technical assistance is needed. From these 50 enterprises, 15-20 YSMEs with the highest potential for transition will be selected for further support. Each selected enterprise will receive a tailored clean energy and gender-transformative transition plan.

The Deputy Principal, College of Business and Management Sciences (CoBAMS), Prof. James Wokadala. Inception and Methodological Workshop to kick off their groundbreaking study titled “Supporting African Youth Entrepreneurs to Accelerate Just Transition to Clean Energy and Climate-Resilient Businesses.” 29th August 2024, School of Economics, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa.

The third and final phase of the project focuses on scaling these clean energy solutions. The research team will develop detailed scaling plans for the selected YSMEs, mobilize sector experts to provide mentorship, and connect the enterprises with relevant funders, investors, and networks. This phase aims to ensure that the YSMEs have access to the capital, information, and technologies necessary to support their transition to low-carbon, green growth.

The workshop was officially opened by the Deputy Principal of the College of Business and Management Sciences, who commended the initiative, emphasizing its alignment with Uganda’s Vision 2040 and the Uganda Green Growth Development Strategy (UGGDS). The UGGDS underscores principles such as resource efficiency, social inclusion, and sustainable economic growth—all of which are central to the project’s objectives.

Some of the participants follow proceedings. Inception and Methodological Workshop to kick off their groundbreaking study titled “Supporting African Youth Entrepreneurs to Accelerate Just Transition to Clean Energy and Climate-Resilient Businesses.” 29th August 2024, School of Economics, College of Business and Management Sciences (CoBAMS), Makerere University, Kampala Uganda, East Africa.

By engaging youth-led enterprises in the transition to clean energy, the project not only contributes to the fight against climate change but also supports Uganda’s broader goal of achieving inclusive economic development and creating decent green jobs. As the project progresses, it promises to play a vital role in shaping the future of Uganda’s YSMEs, making them more resilient to climate change while fostering sustainable growth.

Research Team

UGANDA

  • Prof. Fred Matovu  (Team lead)
  • Dr. John Mutenyo  (Co-researcher – Energy Economist)
  • Dr. Phiona Atuhaire (Diversity, Equity and Inclusivity)
  • Ms P Taaka  (MA student)

TANZANIA

  • Prof. Jehovaness Aikaeli  (Project leader)
  • Prof. Beatrice K. Mkenda  (Co-researcher)

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