Abraham joined a Seed Effect Savings group to access the financial tools he needs to provide for his family and to build Christ-centered community.
“Being in my Seed Effect group has really changed my life. I can even see the changes in my home as it has impacted my family and my children. Now they are all the school. Because of this group, I can pay their school fees. Right now, that is 540,000 Ugandan Shillings.”
Seed Effect members, like Abraham, operate a variety of different small businesses, including mixed goods retail stores, wholesale stores, salons, tailoring shops, and others. Abraham is a farmer.
“To earn money, I cultivate crops like cassava, potatoes, sweet potatoes, groundnut, maize, then millet. Do you know millet? We use millet for porridge. We mix it with soybeans, some sugar and simsim (sesame seeds) to make a paste. When the crops in the field are ready, I take them to market and sell them, and I bring some of the money here to my group to save. I also have goats and cows at home. So those are the things which can help us earn money to save.”
Seed Effect Savings and Loan Groups set their own share prices (the amount saved weekly) and interest rate at the beginning of their savings cycle when they write their group constitution. Interest payments are made back to the group and the interest earned is distributed amongst the members at the end of the cycle. On average, Seed Effect groups earn a 35% return on their savings. Abraham shared about the loans he has taken.
“I have taken some small loans that I have already repaid. I just took another loan of 300,000 Ugandan Shillings at a 10% interest rate that I am using to pay for school fees, for treating sicknesses in my family, and also to buy food for my family so we will all have a balanced diet.”
While the economic impact is so important, our members often share that the best part of their group is the Bible Study.
“The spiritual aspect of this group is really beautiful. We share the word of God and love each other. Whenever you leave the group, the word of God is with you all the time and we are reminded to assist our brother or sister when someone has a problem. So the word of God is very, really, very good.”