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Promoting Inclusive Markets and Financial Systems

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Other Considerations in Partnerships

Informal individual agreements: (FINCA Uganda) Individual agreements with local leaders can be informal, depending on the level of importance the organization attaches to a particular leader for the growth or success of a project. A structured MOU will make the partners feel like they are being given a job to do, one for which they think they should be periodically paid. Informal agreements need to be accompanied by an incentive to keep the partner engaged and willing to assist. So, how can informal partners be best satisfied with available incentives? Are there times when an organization should give no incentives at all? Partnerships with institutions:
  • The banks normally enter into partnership with organizations rather than individuals.
  • HNB has partnerships with various multi-nationals to arrange better services for the community. Example: HNB is facilitating small farmers to carry out their cultivation activities and arrange the market for the farmer produce. The bank is signing MOUs with the buyers (partner) to purchase the farmer produce at an agreed price with accommodating banking facilities if necessary. The producers do not need to maintain any storing facilities or transportation.
Involving parents Involving parents can be vital because without their support for the youth project’s activities or initiatives, it is hard to penetrate the community/target areas. But bringing the parents on board also brings a new challenge: satisfying the target group’s (i.e. the youth’s) expectations while letting their parents get involved in the support of the project and its activities within the community. A possible way of mitigating this risk is to carry out community meetings within the target regions at least once a month, holding quarterly community update meetings (for mentors, parents, community leaders, etc.) to help the organization keep in touch with them and to maintain understanding of their expectations in the partnership. Some of the parents’ roles in these partnerships include the following: –It is parents’ decision to support or stay clear of the initiative presented to them. –Parents continually receive information about the development and products/services the organization has to offer, including training sessions in financial education for the specific products. – Parents/mentors can be seen as the community ambassadors at a household level, encouraging youth to attend group meetings and save more for the good of their futures. They can mobilize youth or even help them participate in the product activities within the community. – Parents’ major expectations are centered around facilitation or recognition for their efforts, like getting exceptional favors or consideration such as exemptions (e.g. no interest charged on a loan advanced to them for their personal business). (FINCA Uganda)

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