Journal
Metropolitan Journal of Academic Multidisciplinary Research
MJAMR
Financial Institutions and Welfare of Low-Income Salary Earners in Kamwenge District: A Case of Kamwenge Town Council
Kyohairwe Phionah, Omendo Vincent, Otim John William
| Journal | Metropolitan Journal of Academic Multidisciplinary Research (MJAMR) |
| Volume / Issue | Vol. 2, No. 10 |
| Published | 31 October 2023 |
| ISSN | 3006-4384 |
Abstract
The study examined the contribution of financial institutions to the welfare of low-income salary earners in Kamwenge T/C. The researcher employed both qualitative and quantitative methods/approaches through use of questionnaires, key informant interviews and observation methods of data collection and the data was analyzed using SPSS in form of tables and figures. The researcher used case study design. Fees loans, additional income, employment of the youth, and employment of women were the various contributions of financial institutions to the welfare of low-income salary earners. The challenges faced by financial institutions included small savings, loan defaulters, poor member royalty, poor infrastructure, unfavorable government policies, unfavorable macroenvironment and limited trained labour. This has negatively affected the performance of commercial banks in the area. However, there relationship between financial institutions and welfare included; loans tend to stabilize incomes, customers of financial institutions have higher incomes, loans tend to increase asset accumulation. The study therefore recommends that the government should provide a favorable condition for the operation of commercial banks for example reduction in tax rates, commercial banks should encourage people to increase on their saving abilities so as to increase on the loanable funds within the commercial banks.
Keywords
financial institutions
welfare
low income and salary earners
Cite This Article
Kyohairwe Phionah, Omendo Vincent & Otim John William (2023). Financial Institutions and Welfare of Low-Income Salary Earners in Kamwenge District: A Case of Kamwenge Town Council. Metropolitan Journal of Academic Multidisciplinary Research, 2(10). https://journals.miu.ac.ug/pages/article.php?article_id=1037
More in This Issue
View full issue →
11
Commercial Farming and Social Economic Status of Rural Families. A Case of Kyabatana Village
commercial farming
social economic status and rural families
12
Corporate Social Responsibility and Development of Organizations in Uganda; a Case Study of Hima Cements, Kasese District.
Corporate social responsibility
organizational performance
stakeholders
13
Cultural Norms and Socio-Economic Development Communities I N Uganda, a Case Study of Namanyonyi Sub County, Mbale District.
cultural norms
socio-economic development and communities
14
Digitization and Financial Performance of the Organisation. A Case Study of Uganda Microcredit Foundation, Busia Branch Busia District
digitization
financial
performance and organisation
15
E-Commerce and Business Performance; a Case Study of Airtel Uganda
e-commerce and business performance