The Soroti City Woman MP Joan Alobo Acom has praised several women in Soroti City for their saving culture irrespective of their small earnings.
Alobo made the remarks while meeting women in Kengere ward, Soroti City East.
Alobo says that savings provide the resources for investment and improve household income.
Village Savings and Loan Associations (VSLAs) are community-based groups whose primary objective is to allow members to save money and access low-interest loans.
Alobo has pledged to support the groups across the 25 wards in the city with financial literacy and capital in order to allow access loans with lower rates in a bid to eradicate poverty.
In her intervention Alobo intends to support about 5 to 7 women groups in each ward.
She has also tasked the government to find a lasting solution to the challenges affecting the growth of saving groups in the country.
She notes that challenges of high level of financial exclusion, high cost of credit, limited bank coverage and the need for better regulation of the microfinance sector are hampering the growth of savings groups.