Evaluating savings mobilisation in Micro finance institutions: A case of Pride Microfinance Limited
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The main study objective was to evaluate savings mobilisation in microfinance institutions the case of Pride Microfinance Limited, looking at the major determinants of savings mobilisation in Microfinance institutions, the strategies used by MFI’S to mobilize savings, the appropriate procedures required of the MFI’S and the effectiveness of savings mobilisation strategies used by the MFI’S. It has been noted that most microfinance institutions accept deposits as a major service which is one of the appropriate procedures required by regulatory bodies as seen from Pride microfinance. Although accepting deposits has been affected by the policies and strategies put in place by the MFI’S, thus making the effectiveness of strategies questionable hence calling for more revising to improve on the saving mobilisation practices among microfinance institutions in Uganda. However, it was established that MFI’S may solve this problem by ensuring provision of a range of financial services, introducing new products and carrying out sensitizations. . The study was conducted at Pride Microfinance. A sample size of 65 respondents was drawn using purposive and snow ball sampling and questionnaires were used to collect data. Findings revealed that effectiveness of the savings mobilisation strategies is promising and growing in Pride microfinance and other MFI’S basing on the previous years experience and evidence on savings mobilisation performance, this is seen in introduction of new products like different types of accounts for example Current account, savings account, Junior account among others including emphasis on customer services and extension of working hours is done by most MFI’S. Recommendations were established for example staff training and equipping with skills, customer services improvement, and further revision of savings mobilisation strategies.