Financial Literacy Services
1. Bookkeeping
Bookkeeping is a significant component of financial literacy that helps individuals and institutions manage their expenditures and revenues efficiently. In Obumwe Microfinance Limited, we offer bookkeeping training to various groups within the informal sector, assisting them in maintaining good financial records.
Small-scale business people gain from this service through acquiring skills on how to record daily transactions, track cash flow, and compute profits and losses. Boda boda riders, who may receive money daily but have no mechanisms to handle their income, are trained to account for their daily expenses and earnings in order to become financially stable.
Market traders, who deal with unstable sales and stock commodities, also benefit from bookkeeping since they can learn to keep track of profit margins and stock management. Female business entrepreneurs in the informal economy are assisted in keeping track of their income and expenses so that they may make sound judgments about investment in their businesses. In addition, small farmers are able to keep a distinct record of their costs, such as seeds, labor, and machinery, which allows them to understand their profitability and areas to improve.
2. Business Registration
Registration of a business is a vital process of making a business qualify for loans and other benefits. At Obumwe Microfinance Limited, we assist informal sector enterprises with registration of a business. This service is particularly useful to informal sector business owners who require a transition into the formal economy so that they can gain access to large markets and qualify for financial services. Boda boda riders who want to legalize their operations and apply for business loans can use our services to register their businesses. Business registration also benefits market vendors by enabling them to obtain credit for purposes of development and expanding their diversity in terms of products. Women business owners running small enterprises are assisted in formalizing their enterprise, accessing financial services, and improving their credibility to customers and business partners. Young entrepreneurs who start new businesses can legalize their businesses with our help, and they are provided with a legal entity upon which they can access business development programs and grants.
3. Tax Education
Tax education is required so that one may understand the duties that business people are liable for under the law. Obumwe Microfinance Limited conducts tax education to various segments, informing them of what they owe and the benefits of paying taxes. This service is especially useful to informal sector entrepreneurs who may not know of the tax obligation and may find themselves violating tax laws inadvertently. Our training ensures that they get into compliance with the tax regime and are exempted from potential penalties. Boda boda riders who may not have considered paying taxes are educated on how to stay in compliance and meet their tax requirement. Market vendors, who may not be registered as taxpayers, are educated on the importance of tax registration and the benefits of being registered, such as access to government programs and services. Women entrepreneurs running home-based businesses are also provided with information on how to manage taxes as their businesses grow. To young business owners who are starting new enterprises, our taxation education enlightens them on taxation collection, the returns, and the need for paying taxes towards national development.
4. Financial Management and Inclusion
Financial management and inclusion offers all members of society regardless of income levels or status with access to economic and financial services at reasonable cost. Obumwe Microfinance Limited works toward deepening financial inclusion by opening up bank accounts, microcredit, and other major financial services to people. Informal sector entrepreneurs, who have previously been excluded from formal financial systems, are helped to open bank accounts and obtain microloans to expand their enterprises. Boda boda riders benefit from this service by getting loans to purchase additional motorcycles or expand their business, as well as opening bank accounts to secure their earnings. Market traders, who have hitherto been beyond the formal financial system, are incentivized to open accounts and utilize savings and credit facilities for business growth. Women entrepreneurs, who have hitherto been outside formal bank systems, are empowered to utilize banking services and obtain low-cost loans for business growth. Small-scale farmers are also included under financial inclusion since they can access financial services in an effort to expand their agricultural activities and purchase the necessary equipment and seeds for the next planting season. we have also helped Business People on how to effectively grow their business through making their business formal so that they can tap into the benefits that come with making their businesses formal.
