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The Ghetto Bank of Kamwokya

Hundreds Flock Newly Formed Kamwokya SACCO Dubbed “The Ghetto Bank of Kamwokya”

There was pandemonium this morning on Old Kira Road after Hundreds of Ghetto youth came and lined up to have an opportunity to open an account in their own Sacco formed from the grassroots by residents of Kamwokya.

This area is one of the hot spots of politics with quite a number of youth trying to find something for themselves to keep themselves busy but also avoid having to commit crimes to survive.

In partnership with the local leadership of the LCs, the youth were organised into a Sacco that would help transform their lives while building a savings culture amongst them.

Speaking to one of the founders and brains behind this Sacco, Allan Lwanga is no ordinary Ghetto resident, he prides himself as being from the ghetto but not being ghetto! He was able to organise these youth to form an in-house Sacco built on comradeship.

A philanthropist in nature, Allan is a graduate of Makerere with further postgraduate studies in the UK in Finance and Marketing. Allan has a career spanning 18 years in banking, FMCG and Insurance where he held various posts up to CEO.

The Ghetto Bank of Kamwokya

“I like to see challenges as opportunities, if you look at most of the philanthropy done in our society today, it’s very basic and run of the mill, most ideas never hover far from people’s homes, beliefs, religion etc such as building a school in one’s village or sponsoring someone to study or get medical treatment, don’t get me wrong these are great initiatives, but we need to look further on, into things like conversion of boda cycles from combustion engines to chargeable electric engines, or universal Insurance for all urban poor, these are the real sustainable initiatives that target everyone moving up together”

Sacco members are also encouraged to join a group Insurance scheme which caters for their life and Hospital bills Insurance in times of misfortune.

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The Sacco has already partnered with a number of organisations such as pay way, Cinnamon, agency banking, Telecoms etc to offer value-added financial services all in-house.

At the time of reporting there were close to 100 people lining up to open an account and benefit from the initiative.

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