Left: MIMIDECOT's Head office located in Nyendo-Masaka
Masaka Microfinance and Development Cooperative Trust Limited (MAMIDECOT) is a financial institution operating in southwestern Uganda aiming to provide a mechanism through which its members could save and borrow at low interest rates to meet their socio-economic needs. It provides services to the following districts that comprise the “greater Masaka” sub-region: Masaka, Rakai, Bukomansimbi, Kalungu, Lwengo, Sembabule, Kalangala and Lyantonde.
The institution was established in 1999 after a total collapse of the social service delivery system in Uganda, brought about by many years of political turmoil and terror. It began as a financial cooperative organization to voluntarily unite people in order to meet their common economic, social, and cultural needs. MAMIDECOT is able to meet these needs through the promotion of saving, extension of credit facilities, and provision of business and agricultural advisory services to its members.
Membership is open to the entire population of the “greater Masaka” sub-region and adjoining districts. At its inception, MAMIDECOT began with 34 members with a net equity of UGX 6.4 million and two employees. The institution has grown steadily to 24,104 members. Deposits have grown to UGX 4,866,068,306 while the loan portfolio has grown to UGX 8,622,455,000. The share capital holding stands at UGX 3,167,755,000.
SOME OF MAMIDECOT PROJECTS
Students Saving scheme in Schools
The goal of the scheme is to educate students about the benefits of saving and to provide them with the opportunity to experience the benefits of saving firsthand. It aims to provide youth with the opportunity to develop good saving habits through practice. The goal will continue to be accomplished through the implementation of three major objectives:
1. To introduce the benefits of saving to students through the distribution of informational materials, savings tools, talks, and radio programs by MAMIDECOT Bank Officers;
2. To mobilize school staff to regularly review key saving concepts with students and to encourage them to be active savers; and
3. To provide students with the opportunity to save with MAMIDECOT using a secure, accessible deposit and withdrawal system based at their schools.
Students are encouraged to become active savers by providing them with a secure, accessible deposit and withdrawal system (saving boxes, deposit and withdrawal ledgers) based at their schools. Ultimately, this allows the students to practice saving effectively. The most effective student saver from each school each term receives a valuable prize, which represents the benefits an individual can enjoy later in life when they learn to save effectively today. Currently, the Youth Saving Program runs in three secondary schools since its inception as a pilot program in 2008.