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 →
21
Financial Control and Service Delivery in Sheema District
; Financial Control
Service Delivery
Local Government
22
Financial Reports and Financial Stability of an Organization: A Case of Vision Africa, Kampala
financial reports
financial stability and organization
23
Fishing Activities as a Tool for Social and Economic Development of Uganda, a Case Study of Kasenyi Landing Katabi Sub County Wakiso District
fishing activities
social and economic development
24
Forced Migrations and Regional Security. A Case Study of West Nile
forced migrations and regional security
25
Ginger Farming and Socio-Economic Development of Communities. A Case Study of Kibuga Sub County Butambala District
ginger farming
socio-economic development and communities