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Multi-billion Y-Saves started with sh5, 000

By Sebidde Kiryowa

Added 15th July 2016 10:20 AM

What is not known to some is that her roots were actually in Y-Save investment group from whom she borrowed sh1m

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Barbara Ofwono Buyondo

Some of us have heard or read the story of Barbara Ofwono Buyondo. She is reputed with building Victorious Education Services, a sh8b business with four school campuses and about sh5, 000 pupils from kindergarten to primary.

She has won numerous awards including the Uganda Investment Authority’s Investor of the Year award (2012). What is not known to some is that her roots were actually in Y-Save investment group from whom she borrowed sh1m which she topped up with her little personal savings to start a new kindergarten in 1999.

 
The group started out as a Christian fellowship of 15 young working adults who saved at least sh5,000 a month at (the now) Watoto Church in 1999. Today, it boasts of over 900 members with total savings of over sh10b.

The group has since enabled members do everything from educating their children to acquiring capital assets as well as investing in business. Such is the impact of Y-Save and indeed savings and investment groups as a whole.  

 ave investment group members during one of their annual general meetimngs Y-Save investment group members during one of their annual general meetings.

 
As part of our weekly drive to highlight successful investment clubs in the country with the intention of inspiring a saving culture in our youth, we focus on this Y-Save investment group tick. How have they come this far so fast and what is the secret behind their success?

Find out in Pakasa Vision today only in The New Vision. Check out and like @Pakasa Vision for more.

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