FINANCIAL SKILLS ENHANCEMENT PROJECT

1.   Applicant Institution

                                                       i.            Name: GOOD GOVERNANCE PRACTICE (GOGOP)

                                                          ii.            Address: P. O. Box 2678, Kampala – UGANDA .

2.    Legal Form of Applicant

                                                             i.            Reg. No: WCBO/117/08

                                                          ii.            Year of Establishment: 2008

3.   Responsible Contact Person

                                                             i.            Willy Kituuka

                                                          ii.            Chairman Good Governance Practice

                                                        iii.            P. O. Box 2678, Kampala – UGANDA.

                                                        

                                                           v.            Location: 8 miles Entebbe Highway – Kajjansi Trading Centre.

4.   Amount Applied for:

Pound - 7,058 or Euro – 7,202

5.   Project Duration:

12 months

6.   Description of the project

The training for Financial Services Delivery is to target unemployed O and A level school leavers as well as graduates of tertiary institutions including Universities who are eying to join Financial Institutions as employees.  Trainees will be identified and shall be given basic skills expected of one who is to work with a financial institution; these among others will include the writing of vouchers; balancing books; handling cash transactions; calculating interest; feeding information into the computer, to mention some.  The trainees shall pay reasonable tuition to help in sustaining the training.  The training is to be undertaken in rented premises convenient enough for the targeted trainees within Kajjansi Trading centre 8 miles Entebbe Highway.

7.   Development Policy Objective of the Project

The development policy objective of the project arises from the need for manpower with an understanding of basic knowledge needed in financial institutions and the ethics.  It is a fact that majority of applicants to financial institutions for jobs that are clerical merely hold academic qualifications meaning that on being offered a job; they can only be productive when they are taken through what goes on in handling transactions (in-house training).

a)     It is also true that of recent, Financial Institutions in Uganda have increased in number and the increase is continuing; one way therefore of getting competitive manpower is to induct them into the basics in financial matters as required by Commercial banks, microfinance institutions, Savings and Cooperative Organizations (SACCO’s) and Cooperative undertakings.

b)     In the 2008/09 Budget Speech of Uganda , the Hon. Minister tripled the resources for microfinance from shs 10 billion to shs 32 billion.  In the same budget, the Hon. Minister said, “Bank of Uganda approved five new private commercial banks to start operations.  The entry of new banks has stimulated competition in the sector, resulting in expansion in the branch network from 160 branches in December 2006 to 213 branches by end of March 2008.  The deposit base of banks increased by 26% from shs 3,175 billion in March 2007 to shs 4,014 billion in March 2008.

c)     In 2005, the Government of Uganda embarked on the policy of creating a financial infrastructure throughout the country so that all people can have access to safe financial institutions in which they can save their money.  This program which has expanded rapidly has reached 800 sub-counties out of 1020.  The Minister of Finance was confident that a revolution in the financial landscape of Uganda is underway and that it will be for the great benefit of Ugandans.

d)     A study that was commissioned by member associations of Associations of Microfinance Institutions in Uganda (AMFIU) established that there is urgent need for training in these entities.

8.   Organization of the training

The training shall be headed by Willy Kituuka who has practical banking experience having worked in the field for not less than 7 years some of which were at managerial level; this effort will be helped by other people to be recruited when funds are realized.  The training shall be for 3 months for 4 hours a day.  There shall be publicity for the programme on FM Radio so that the targeted beneficiaries get to know about the programme if evening students are available more so for those who have other work or day time studies.  While theory will be done, trainees shall benefit a lot from practical work as is done in financial institutions involving the raising of vouchers, writing books, transactions of loans, foreign currency, deposit of cash and withdraw; to mention some.  The practical transactions shall call for physical cash transactions in local and foreign.  This is the reason why we shall need at least shs 1 million in local currency and another 1 million in foreign currencies.

9.   Awards

On passing of examinations; that is both the theory and practicals, there shall be certificates awarded.  Experience with Mr. Kiberu; the Assistant Commissioner Employment – Ministry of gender, Labour and Social Development of Uganda, employers’ approach him to identify people who can join their establishments and among these are financial institutions.  Against this background, when the training gets funded, a number of beneficiaries shall be recommended to the Assistant Commissioner, and the others shall be more competitive as compared to those without the practical touch to what is expected of them if they are recruited.