Rotary Club of Sonde, NSSF and Anka Empower Goma Market Traders with Financial Literacy and Affordable Credit Skills

MUKONO MUNICIPALITY – Traders at Goma Market are charting a new financial path following a comprehensive capacity-building initiative spearheaded by the Rotary Club of Sonde in partnership with the National Social Security Fund (NSSF) and Anka Financial Services.

The training targeted vendors operating in informal markets, with a strong focus on Goma Market, equipping them with practical knowledge in savings, retirement planning, responsible borrowing, and sustainable business growth. The initiative is part of a broader push to strengthen financial inclusion and economic resilience among Uganda’s informal sector workers—many of whom are women supporting households through small-scale trade.

Demystifying Retirement Savings for Informal Workers

Leading the NSSF team, Timothy Ashabahebwa emphasized that social security is not exclusively for formally employed workers.

He challenged the long-standing perception that retirement savings are reserved for office employees, urging informal traders to embrace voluntary savings schemes offered by the Fund. According to Ashabahebwa, starting early—even with small, consistent contributions—can significantly improve financial security in old age and provide a safety net during emergencies.

Participants were guided on how to enroll for voluntary NSSF savings, manage contributions, and plan for long-term financial goals such as children’s education, home construction, and retirement income.

Rotary’s Commitment to Community Economic Empowerment

Connie Magomu Masaba, Past President of the Rotary Club of Sonde, underscored that the initiative aligns with Rotary’s commitment to community economic development and empowerment.

“As Rotary Club of Sonde, we are here to train and work with the community—especially the women and men from Goma Market,” she noted. “Today’s discussions centred on investments, with strong emphasis on savings and credit.”

Masaba explained that the partnership enables traders to access affordable credit while cultivating a culture of disciplined saving. She said the collaboration with NSSF and Anka Financial Services ensures vendors are not only educated about financial planning but also supported with practical financial products tailored to their needs.

The initiative reflects Rotary International’s seven areas of focus, including community economic development, peace-building, maternal and child health, environmental protection, basic education and literacy, water and sanitation, and disease prevention.

“Service above self is at the heart of who we are as Rotarians,” Masaba emphasized. “When communities are economically empowered, they are better positioned to build peace and address household and community challenges.”

Promoting Responsible Credit and Digital Financial Access

Stephen Mwanga from Anka Financial Services cautioned traders against resorting to exploitative money lenders who charge exorbitant interest rates that often trap borrowers in cycles of debt.

Instead, he encouraged them to join reputable microfinance institutions offering fair and manageable loan terms. Mwanga also highlighted the role of digital financial services, advising traders to leverage mobile phones to access savings and credit services conveniently.

By using mobile platforms, vendors can reduce the burden of physical paperwork and long queues, making financial services more accessible and efficient.

Traders Testify to Transformation

Salongo Ibrahim Katongole, Chairperson of traders at Goma Market, described the training as transformative. “Many of us used to leave the market with nothing at the end of the day, forcing us to borrow from money lenders who exploited us,” he said.

“This training has reduced our reliance on such practices and is changing our lives for the better.”

Medi Ssentongo, one of the participating traders, expressed gratitude for the initiative, noting that the lessons on structured saving and digital financial access have already begun improving business operations.

“We have learned how to save money properly and how to use our mobile phones to access services without carrying physical documents or queuing for hours. This has helped us grow our businesses,” Ssentongo said.

Expanding Financial Inclusion Nationwide

Officials from the partnering organizations expressed optimism that the initiative will inspire more informal workers across Uganda to adopt prudent financial habits. Expanding NSSF coverage to the informal sector remains a key objective, as the majority of Uganda’s workforce operates outside formal employment structures.

The Goma Market engagement forms part of ongoing outreach efforts targeting market vendors and other informal workers in various districts. By combining financial literacy training with access to affordable credit and voluntary savings schemes, the partners aim to strengthen household stability, stimulate business growth, and foster long-term economic resilience.

For the traders of Goma Market, the training marks more than just a workshop—it signals a shift toward financial independence, security, and a more sustainable future.