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 →
36
Land Ownership and Farm Productivity. A Case Study of Ntugamo District
Correlation
land ownership and farm productivity
37
Marketing Communication and Performance of Hospitality Sector in Kampala
marketing
communication
performance and hospitality sector
38
Politics and Performance of the Media Sector in Uganda. A Case Study of Kampala District
politics
performance and media sector
39
Radio Advertisement and Success of Business Organizations in Uganda. A Case Study of UBC
radio advertisement
success
business and organizations
40
Risk Assessment and Sustainable Procurement Practices in Uganda. Acase of Unra, Uganda.
risk assessment and sustainable procurement practices