Investment Clubs
Overview: ICON encourages the spirit of saving and investment through the formation of investment clubs. These clubs are designed to empower members to pool their resources together and invest in profitable ventures, thereby improving their financial wellbeing.
Key Initiatives:
- ICON Investment Club (ICONIC): This club has 17 members who save UGX 20,000 monthly with the goal of making collective investments in profitable ventures.
- Ibanda Bodaboda Investment Club (IBRIC): This club comprises bodaboda riders who save UGX 500 daily to raise funds for larger projects. The club’s ultimate goal is to build a petrol station that will be owned and managed by its members. They also offer services such as bodaboda loans, help with obtaining driving permits, and life insurance for riders.
Impact:
- The formation of investment clubs has encouraged a culture of saving among community members, especially among groups like bodaboda riders who previously lacked formal financial management skills.
- Members of the investment clubs have access to affordable credit facilities, which helps them grow their businesses and improve their quality of life.
