CHAPTER FOUR

EMPIRICAL ANALYSIS

4.0 Introduction

This chapter captures data presentation, analysis and interpretation of findings in relation to the study objectives stated in chapter one that is to examine the different types of services that SACCOs offer to Women in Nsangi Sub county, to establish the Social economic Welfare levels among Women in Nsangi Sub county, to find out the challenges, hindrances and boundaries faced by Women in accessing SACCO services and to propose best way forward for full utilization of SACCOs on Women Welfare. The chapter analyzes data that was collected from ordinary people (men & women) loan officers and local council1 official. Data was collected using questionnaire, interview guide and in some instances I held focus group discussions

4.1 Data Presentation  

From the 20 questionnaires administered, 19 were collected and found usable for analysis. This indicates that the response rate was 95.7%. Given that this was a descriptive research, the response rate is acceptable for the study as most descriptive research usually exhibit lower response rates. The majority of the respondents were female, who were 20 out of 25 while the male were 5 between the ages 30-55. (Source: Survey data, 2015).

4.1.1 Findings on Social demographic characteristics of the respondents.

4.1.2 Findings on Gender of Respondents

Table 4.1: Showing the Respondents Gender

Source: Primary data

The table above show that most of the respondents 20 (80%) were Females and 05(20%) were males.

4.1.3 Findings on age of Respondents

Table 4.2: Showing the Respondents Age

Source: Primary data

From the table above the majority of the respondents fall in the Age bracket from 31-40

(52%), followed by the Age bracket above 41-50 (28%) and lastly 51 and above (20%).

4.1.4 Findings on Marital Status

Table 4.3: Showing the Respondents’ Marital Status

Source: Primary data

From the table above, the majorities of the respondents were married 12(48%) and followed by widows 06(24%).

4.1.5 Findings on Education level of the respondents

Table 4.4: Showing the Education level of the respondents.

Source: Primary data

From the table above the highest number of respondents 12(48%) had gone to secondary level i.e. 0’level and A’ level, and 06(31.5%) had gone to tertiary institutions i.e. college and university.

4.1.6 Findings on Number of Dependants

Table 4.5: Showing the Number of Dependants

Source: Primary data

From the table above, the majority of the respondents had 4-6 dependants and non above 10.

4.1.7 Findings on occupation of respondents

Table 4.6: Showing the respondents occupation

Source: Primary data

From the table above, a significantly higher proportion of households (48%) had a member with salaried employment; therefore being eligible for salary loans and these mostly included Teachers, Parish chiefs and other civil servants. Other sources of income for households included business with 12% of SACCO members.

4.1.8 Findings on different types of services that SACCOs offer to Women in Nsangi Sub county .

4.1.9 Findings on Membership   Duration

Table 4.7 : Showing the Duration of Member

Source: Primary data

From the table above, the majority of the respondents 12 (48%) have been members between 0-6months and 01 (4%) above two years.

4.1.10 Findings on number of times the members had received credit.

Table 4.8: Showing Number of times the members had received credit.

Source: Primary data

From the table above, the data indicates that 28% of the respondents had received credit at least 07 times, 31.5% had borrowed 06 times, 8% borrowed 2 times while 28% had borrowed 04 times.

4.1.11 Findings on loan acquisition and accessibility

Table 4.9: Ease with which loans can be accessed by Nsangi SACCO clients

Source: Primary data

From the table above the majority of the respondents were able to access the loans relatively easy 09(48%) compared to 28% who had difficulties in accessing credit.

4.1.12 Findings on Interest Rate on the loan per year

Table 4.10: Showing the interest rate on the loan per year

Source: Primary data

From the table above the majority of the respondents interviewed 48% felt that the interest rates charged on their loans were low, while only 12% found the interest rate to be high.

4.1.13  Findings on Loan Utilization.

Table 4.11: Showing Loan Utilization

Source: Primary data

From the table above, the majority of the respondents 13(52%) have utilized their loans for starting up smalls scale business like Kiosk, Market Vending while only 2 (8%) used their loans on paying school fees. 

4.1.14   Findings on Capital improvement of respondents.

Table   4.1: Showing the capital improvement of the respondents.

Source: Primary data

From the table above, the majority of the respondents their capital 12(48%) was above 900,000 while only 3(12%) their capital was from 100,000-300,000.

4.1.15 Findings on Respondents who benefited from Nsangi SACCO

Table  4. 13: Showing how the members had benefited from Nsangi SACCO

Source: Primary data

The respondents were asked whether participation in SACCO programs has benefited them. The majority of the respondents felt that they had attained a real change in their lives as compared to themselves before they joined Nsangi SACCO. Many felt that they can educate their children, pay medical bills and afford a nutritious for their households. On a business level, 48% of the respondents felt that they had managed to acquire capital and hence improve their businesses. 4.1.16 Findings on challenges, hindrances and barriers faced by women in accessing SACCO services as advanced by respondents

Table  4.2: Showing challenges, hindrances and barriers faced by women in accessing SACCO services as advanced by respondents

Source: Primary data

From the above table findings indicate that lack of enough to borrow, delay in loan processing, need for collateral scored 16% while high interest rate scored 24% , limited time to pay had 12%,and the least was failure to get guarantors with 4%.

Table   4. 15: Showing best way forward for full utilization of SACCO services on Women welfare as advanced by respondents

Source: Primary data

Findings indicated that the best way forward for full utilization of SACCO services on Women welfare was Lower lending rates with 28%, quick processing and improving customer care had 16%, increasing on time of payment and encouraging savings had 12%,giving collateral free loans and personal visit to reduce default had 8%.

4.2 Data Analysis

Data was analyzed basing on the background information of respondents and the objectives of the study

4.2.1 Gender

The study was gender balanced and the reason for females being many could have been due to the fact that the study targeted Women. Therefore findings in this study can be used for the generalized research.

 4.2.2 Age

Analysis shows that Nsangi SACCO considered age as a determining factor for credit disbursement since it is clear middle age respondents are the ones that accessed credit with very few respondents past the age of 40 years and visibly no members below the age of 20-30   because they lack collateral and most of them lack tangible employment to be able to save with the SACCO.

4.2.3 Marital status

Analysis shows that marital status influenced loan acquisition ability since most married people are more settled with well-established homes and have collaterals as opposed to the singles that can easily disappear with the loan funds hence posing higher risk to the institution’s funds. However, widows can easily acquire loans since they are in control of the family assets in most cases and can use them as collateral.

4.2.4 Education levels

Analysis shows that Education level of the borrower was significant in credit acquisition given that those that had gone to secondary level and tertiary institutions i.e. holders of degrees and diplomas were more of members than those who had stopped primary level or had not gone to school at all.

4.2.5 Number of Dependants

Analysis shows that there is an indicator that most of the members have got many dependants and therefore they cannot save and invest their savings in any profitable businesses.

 4.2.6 Membership Duration

The study indicated that most of the members joined Nsangi SACCO recently.

 4.2.7 Number of times the members had received credit.

The implication of this finding is that due to experience in credit use by most of the respondents, fewer problems could be encountered in credit procurement which also highlights the relative ease with which credit was accessed by most of the members. This also implies that the more the borrowers use credit, the less the likely problems.

4.2.8 Loan acquisition and accessibility

The study shows that most of the borrowers have the requirements such as savings and collateral, whereas those who had found it difficult to access credit did not meet the requirements.

4.2.9 Interest Rate on the loan per year

The study implies that the majority of the members that had borrowed from the SACCO, felt that the interest rates charged by the Nsangi SACCO to be comfortable. This could have contributed to the ease on the members faced in paying back their loans.

4.2.10  Loan Utilization.

The study indicates that investment in small scale medium enterprises is one of the main reasons for borrowing amongst other purposes.

I further examined responses from key informants and FGDs and they confirm to the same reasons as those advanced by survey respondents. For instance, a male Credit Officer with Nsangi  SACCO noted that;

Majority of our members are business men and women, so they get credit to improve on their business capital. Some get school fees loan to pay school fees for their children… (Key informant, Nsangi  SACCO, ).

In addition another 35 year old woman FGD participant in Manja –Nakatema  explained that;

I got a loan from Nsangi SACCO  as an Individual loan to enhance my businesses (FGD Participant).

Likewise, another woman in the same FGD said that;

I got a loan from Nsangi SACCO , they gave us money as a group to buy farming items, seeds and materials. We got the money and shared it amongst ourselves as members of the group…and after harvest; we were required to pay back the money (FGD participant).

I observed that there were variations in respondents reasons for borrowing loans. The reasons mentioned by respondents were hinged on their respective need(s) and at a glance business was one such outstanding reason mentioned by respondents. Credit for business is important because it ensure sustainability of the loan service, as the borrower is able to realize some profit from business (Okorut et al 2004). Credit access fills the depression of the financial inadequacy for majority of the low income people. As a result, credit access revamps the productive capacity of poor members of the household (Johnson and Rogaly 1997). This means that loans empower poor people to take part in income generating activities and as a result this improves on welfare of the low income earners in our society. Indeed without the intervention of small loans, many poor household members would not be able to startup businesses, meet the physiological needs like medical care, school fees and food among others.

Respondents further enumerated various business ventures such as market vending, saloon, retail shop, food eating places, charcoal selling, trade in second hand clothes and agriculture among others, in which micro-credit is invested. Studies elsewhere also show that low income people engage in several income generating ventures. For example, Mogale (2007:347) in his progress report about the role of microfinance in poverty reduction in South Africa argue that; microfinance loans enable small micro-enterprise owners to enhance their business volume and improve on business opportunities to diversify their business portfolio.

4.2.11 SACCO Services

The SACCOs provide credit facilities which include Advances, Short term and Emergency. The study found out that 2% moderately disagreed, 21% agreed, 34% moderately agreed, and 44% strongly agreed. The mean score of 4.19 shows that SACCOs provide credit facilities.This implies that credit facilities are essential to the Sacco members and the majority of the respondents strongly agreed with the statement.

The study found that SACCOs offer varied range of products to meet the needs of their members and ranked them as ordinary savings at 20.8%, fixed savings at 52.1%, current savings at 6.3% and school fees at 19.8% and others 1.1% respectively. The long-term and short-term loans were purposely granted for school fees, development or debt settlement. It was noted that 23% agreed, 56% moderately agreed while 21% strongly agreed. The mean score was 3.98 indicating that the respondents were in agreement that loans are granted for development purposes. It implies that most of the Sacco members do take both short and long term loans purposely for development, since members can easily access loans without difficulties. On the products that SACCOs offer to its members, the study revealed that 45% fairly agreed, 25% had no idea, 50% fairly agreed while 21% strongly agreed. The mean score of 3.88 shows that the respondents agreed with the products the SACCOS offered to its members.

This implies that the SACCOs do offer various products in respect to savings, loans and insurance, members are also satisfied with these products as compared to other institutions as they prefer their own loans other than the banks. On qualitative analysis, financial services in the form of savings products loan products and insurance as a cooperative strategy aimed at improving savings which lead to capital accumulation leading high incomes and improve quality of members’ lives. Means of insurance played the role of insurance against income loses emergencies, and health. Savings would compensate for uneven stream of cash flow by keeping then excess income (cash) and use it during the time of shortage. From the findings it showed a mean score of 4.19 that SACCOs provided credit facilities to members, a mean score of 3.98 that loans were granted for development purposes, a mean score of 3.8 that the products SACCOs offered were varied. This is in line with Branch & Cora, (1999). Who asserts that SACCO’s play an important role in lowering income groups through increasing their assets via establishing a credit relationship, establishing an enterprise, accessing working capital, increasing income through business expansion, meeting housing credit needs and increasing wealth through savings

This implies that there was a marked improvement in capital after accessing the SACCO loans.

Complementary data from key informants also revealed that SACCOs are the main credit lending institutions to majority of low income earners in Nsangi Sub County. For example, one respondent by the name of Jane, a primary teacher at Nsangi Primary School narrated a story of her experience in borrowing small loans from SACCOs.

When I was staying in Kitemu, I had my first loan from Women Trust in 2002 (now known as Uganda Finance Trust Ltd) and I did not have problems with paying back because am a salary earner. The second loan was from NAKOPESA (salary loan) and the third loan was from Uganda microfinance (now calledEquity Bank Uganda). Since I came to Nsangi, I got a loan from Nsangi SACCO, however I was disappointed when one group member defaulted and we had to raise money as group members for her loan repayment. I am now having a loan with BRAC, FAULU Uganda limited and FINCA. And BRAC is fair compared to others, because of low income friendly school fees loan and individual loan (key informant, Kitemu-Kyambazi Zone).

In addition, Jane explains that loans have helped her to establish some income generating activities in addition to being a teacher. She is also self-employed and takes care of a big family of over nine children; in terms of feeding, medical care and school fees and other necessities. She explained while pointing at her children who were in the sitting room at the time of the interview. She has borrowed money from different credit schemes such as group loan, salary loan from FINCA, BRAC, Pride MF Uganda and Nsangi SACCO. She is proud of having got loans from almost all SACCOs and MFIs in the area and having such a good credit history. My observation is that poor people often get loans from credit institutions where either one of their relative, friends, neighbors and business associates had also ever borrowed. In this case, social support plays a key role in encouraging credit users to take a risky but inevitable venture of borrowing which sometimes redeems the poor from the poverty.

4.2.12 Challenges, hindrances and barriers faced by women in accessing SACCO services

Respondents were asked whether in their own view, there were any challenge, hindrance and barrier with Nsangi SACCO services. To this, there was unanimous agreement among respondents of existence of Challenges, hindrances and barrier with Nsangi SACCO services in general. The Challenges, hindrances and barriers given include; Delays in loan processing due to bureaucratic tendencies resulting into increased costs, late investment of the acquired funds which could in turn result into delinquency in payment, High interest rates, limited time of payment and harsh treatment from some SACCO officials were the other challenges hindrances and barriers the members faced. Only a very small percentage of all respondents indicated that they had not obtained the required amount that they had applied for. This implies that access to the required loan money for most members was not a problem, but rather high interest rates, unwillingness of guarantors and other problems as shown in the table above. This is also in line with Barrett,et al,(2006) who asserts that poor customer Relationship Management is a key challenge to women in accessing SACCO services.

4.2.13   Best way forward for full utilization of SACCO services on Women welfare

Finally, the respondents were asked to suggest the possible ways through which SACCOs can improve their services. The responses given include lowering of lending rates by the institutions to make the loans more affordable for clients, quick processing of loans to reduce bureaucracy hence minimize costs and thus give loans in time to increase their timely utilization by the clients, increased time for payment. Improving customer care and encouraging of members to save and thus be given loans basing on their saving were also possible solutions advanced by the respondents as shown above. This is in line with Bategeka, (1999), who asserts that  good customers’ relations with members helps in improving service delivery.

Further, findings from key informants showed that respondents are interested in borrowing and using loans, but also they are mindful of the dynamics accruing to using borrowed money for business. For example a male FGD participant noted that;

… reducing on the months so as to manage the loans, help us to reduce on the interest rates so as to make the lower income earners to go in for the loans. Avoiding taking the other members‟ property/assets in case one member of the group members fails to pay back, avoiding grabbing the other members‟ savings in case of defaulting, government should come up to increase the license fees charged on these institutions, because they also over charge us with the interest rates and should always make checks and monitor SACCOs  (FGD).

Further, internally credit users ought to organize themselves and plan for the credit, but also externally the credit institutions should tailor their services to the needs and circumstances of the clients, in a more suitable and sustainable way for the mutual benefit and credit lending institutions.

CHAPTER FIVE

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

5.1 Introduction

This chapter involves summary of major findings, conclusion and recommendations. The summary is based on the major findings on the study objectives and the recommendations are based on the discussion of the findings and analysis as well as interpretation of findings

5.2 Summary of Major Findings

5.2.1 Findings on different types of services that SACCOs offer to Women in Nsangi Subcounty Findings revealed that Nsangi SACCO provided its members with SACCO loans, savings promotion of cooperation, spiritual transformation, training of the members, outreach services/sensitization.

 5.2.2 Findings on the effects of SACCOs on socio economic Welfare levels among Women in Nsangi Subcounty

Regarding the effect of Financial Services as a cooperative strategy on members’ saving mobilizations, the study found that financial services had a minimal impact on saving mobilization. The study found out that cooperative strategies have a significant positive effect level of statistical significance on members’ savings mobilization. Therefore cooperative strategies positively influence members’ savings mobilization.

Findings revealed that majority of the respondents 15(20%) were of the view that members were poor. When further interviewed they said that major cause of poverty was lack of accessibility to SACCO loans before they started their operations, But after accessing the SACCO loans there was a marked improvement in their capital and poverty has reduced.

5.2.3 Findings on the challenges hindrances and barriers faced by Women in accessing SACCO services

Findings revealed that the Challenges, hindrances and barriers were; Delays in loan processing due to bureaucratic tendencies resulting into increased costs, late investment of the acquired funds which could in turn result into delinquency in payment, High interest rates, limited time of payment and harsh treatment from some SACCO officials, high interest rates and unwillingness of guarantors

5.2.4 Findings on best way forward for full utilization of SACCOs on Women Welfare

Findings revealed that lowering of lending rates by the institutions to make the loans more affordable for clients, quick processing of loans to reduce bureaucracy hence minimize costs and thus give loans in time to increase their timely utilization by the clients, increased time for payment. Improving customer care and encouraging of members to save and thus be given loans basing on their saving were the best way forward as  advanced by the respondents through which SACCOs can improve their services.

5.3 Conclusions

5.3.1 Conclusion on different types of services that SACCOs offer to Women in Nsangi Subcounty

The research findings concluded that training on savings mobilization in totality is a vital strategy to improve savings mobilization of SACCO members. Equally important was acknowledgment of regular and best savers in form of certificates and other rewards, development of new savings products, compulsory savings and rising of saving to loan ratio. When SACCO members are guided and encouraged through groups and given reasons why it may be necessary for them to save was revealed in the study that training has a high multiplier effect on members’ savings mobilization. The study also revealed that Training requirement and SACCOs management system had an average positive influence on saving mobilization.

5.3.2 Conclusion on the effects of SACCOs on socio economic Welfare levels among Women in Nsangi Subcounty

It can be concluded that SACCO loans have played a significant strategic role in providing the bulk of capital used by small and medium scale enterprises in poverty reduction. On the effect of investment opportunities, the study revealed a strong positive effect on saving mobilization in SACCOs. The study also found out that family size, children in schools and income level have strong significant effect on SACCO members’ savings mobilization which findings are in agreement with Ddumba and Obwoma (1998) study.

 5.3.3 Conclusion on the challenges hindrances and barriers faced by Women in accessing SACCO services

The study concluded that the Challenges, hindrances and barriers faced by Women in assessing SACCO services were; Delays in loan processing due to bureaucratic tendencies resulting into increased costs, late investment of the acquired funds which could in turn result into delinquency in payment, High interest rates, limited time of payment and harsh treatment from some SACCO officials, high interest rates and unwillingness of guarantors

5.3.4 Conclusion on the best way forward for full utilization of SACCOs on Women Welfare.

The study concluded that lowering of lending rates by the institutions to make the loans more affordable for clients, quick processing of loans to reduce bureaucracy hence minimize costs and thus give loans in time to increase their timely utilization by the clients, increased time for payment. Improving customer care and encouraging of members to save and thus be given loans basing on their saving were the best way forward as  advanced by the respondents through which SACCOs can improve their services.

5.4 Recommendations

The government through the Ministry of Cooperative Development and Marketing, and other stakeholders should help SACCOs carryout member education and training about SACCOs operations, loans, shares and more importantly savings mobilization;.

 SACCOs should adopt competition that requires effective risk management, effective savings mobilization strategies on members’ savings mobilization and see the need to develop marketing and new products/services strategies to make members to benefit from competitive interest rates on loans borrowed and to provide a wider selection of financial products/services. SACCO members should be made to appreciate that they are the owners and customers of the SACCOs for the realization of maximum results and reward of best and regular savers, should be taken seriously by SACCOs’ management.

 The government through the Ministry of Cooperative and Marketing should strengthen supervision, licensing and facilitate SACCOs to acquire bank codes to handle salaries for the professional members and also regulate SACCOs so as to attract new members and retain old ones and embrace the Old Age Savings Insurance Scheme to meet the special needs of cooperative members it serves as a high interest long-term Old Age Savings Scheme with added Life Assurance and, it also helps to meet day to day trading needs.

 SACCOs should adopt a dynamic and aggressive policy to encourage savings by enhancing public confidence in the micro-finance industry, providing cost-effective schemes for small depositors and more importantly, they must be seen by the public to be concerned not only with balancing their books but also, with promoting members’ welfare and prosperity.

 Nsangi Sacco should fund savings mobilization oriented activities. Savings may be mandatory or voluntary. Savings are important for any economy as earlier pointed out. The provision of savings services apart from credit to the people helps them in developing good saving culture, saving in more efficient ways instead of investing in assets, which are costly to maintain and stand the risk of losing value or being lost and also help fund Research and Development (R&D) in SACCOs so that, they can offer valuable products tailored to meeting not only wants of the members but also their needs. Savings generally represent an untapped resource which if properly exploited would stimulate economic growth and improve savings mobilization rate of Kenya; They should also help promote consumer education and promotional programmes in SACCOs so that members can be become more aware of their rights and obligations;

 The SACCOs should adequately monitor the groups on loan utilization so that it should not misappropriate to non-income generating activities.

 Savings and credit cooperatives should employ highly trained staff who can do the monitoring evaluation of the utilization of the loan. And also to train, educate and sensitize the members on short-term investment and other business portfolios.

 Savings and credit cooperatives should reduce the minimum requirement for the members, such as interest rate and security required because this has limited on the accessibility of loans.

 Education, training and sensitization of the members and the general public about the utilization of loans acquired. This must be in line with poverty reduction.

 The loans should be given to organized groups such as the women groups which can be easily traced in case of any default instead of giving it to single individuals who may fail to pay the loans given out.  To reduce the poverty level people should be encouraged to join the SACCOs and develop the spirit of savings and entrepreneurship.

5.5   Suggested Areas of further research

There is need for more studies in this area to establish other factors other than the ones covered in this study because the studied factors 57.8 % variation in the saving mobilizations; therefore factors that account for the remaining 42.2% which might have a significant effect on saving mobilizations and the influence of governance on SACCOs performance and development needs to be researched.

 Further research need to be carried out on the role of commercial banks loans on poverty reduction in Uganda.

Role of SACCOs in facilitating rural financing.

References

Adams, D.W. 1978. Mobilizing Household savings through Rural Financial markets. Ohio State University; University of Chicago.

Ahmbisiwe Fred SCO, The Growth of the SACCOs, Industry if Uganda.

Agricultural Cooperatives: Unified Theory of Pricing, Finance, and Investment Ronald W. Cotterill, 1987

A report on status of rural savings and credit cooperatives in Kenya, 1998. International Cooperative Alliance.

Champo, S.A. Mwangi; M. &Oloo (2008) An Analysis of the Socieconomic Impact of Co-operatives in Africa and their Institutional Context, Nairobi.

Cooperative Digest (2007/2008), Publication of the Ministry of Cooperative Development & Marketing.

Cooperative Digest (2009), Publication of the Ministry of Cooperative Development & Marketing.

Coxd., 1996. Success in elements of banking 4th Edition. New York.

Evans, A.C. (2002); An Exploration of Kenya credit Unions (SACCOs)

Hussii, P. Murphy J., Lindberg O. &Breneman L. (1993) TheDevelopment of Cooperatives and other Rural Organizations.

Kabuga, C. and Batarinyebwa, P.K. 1995, Cooperatives: Past, Present and Future. Kampala: Uganda Cooperative Alliance Ltd.

Lipsey, R.G. and Chrystal, K.A., 1995: An introduction to Positive Economics, 8th Edition, Oxford: Oxford University Press.

Manyara M.K. (2003) The Development of Cooperative Law and Policy in Kenya, Nairobi.

Ministry of Cooperative Development and Marketing (2008) Cooperative Development Policy, Nairobi.

SACCO STAR, published by Kenya Union of Savings and Co-operatives Limited, Issue : 2008

SACCO STAR, published by Kenya Union of Savings and Co-operatives Limited, Issue : 2009

SYED, A.H.A. 1991. Integrated Development in Uganda: Kampala: Desk top Publishing Division Africa Development series no. vol.1.

The Cooperative societies Act (Amended), 2004 No..12 of 1997 as Amended in 2004.

Paul Gamba and Isaac Komo, Evolution, growth and Decline of the Cooperative Sector. Wright, G..A.N. 1990. A critical Review of Savings Services in Africa and Elsewhere. Nairobi, Kenya. Micro-save.

Ackerley (1995). “The Economics of Rotating Savings and Credit Associations.” American Economic Review 83(4): 792-810.

Adam and Vonpischke (1992). Money and Violence: Financial mutual among the Xhosa in Cape Town, South Africa. Amsterdam, AcaemischProefschrift.

AdugnaHiedhues S. (2000). “The Comparative Study of Rotating Credit Associations.” Journal of the Royal Anthropological Institute 94(1): 201-229.

Amos S. N. Bakeine (2001) – An analysis of the factors affecting the demand for savings services by rural savers in Uganda: A Case Study of Kibaale District,

Anirudh Krishna, Daniel Lumonya, MilissaMarkiewicz, FirminusMugumya, Agatha Kafuko, Jonah Wegoye. (2006) Escaping poverty and becoming poor in 36 villages of Central and Western Uganda. The Journal of Development Studies 42:2, 346

Anirudh Krishna, Patti Kristjanson, Judith Kuan, Gustavo Quilca, Maren Radeny and Alicia Sanchez-Urrelo. (2006) Fixing the Hole in the Bucket: Household Poverty Dynamics in the Peruvian Andes. Development and Change 37:5, 997–1021

Bategeka (1999). The Relative Risks to the Savings of Poor People.  Nairobi, Micro Save-Africa.

Binwanger and Khanker  (1995). “The impact of SACCOs Unions in local financial markets: a case study from Kenya.” Journal of International Development 16(3): 501-517.

Chambers (1983). Nuts and Bolts for the Social Sciences. Cambridge University Press,  Cambridge, UK.