A new investment club is plotting to erect about 500 condominiums for members as the first target in their first 5-year strategic plan of saving.
Stress Free Investment Club (SFIC), a baby born out of the Covid-19 catastrophe with a few people locked up in their homes in Uganda and the diaspora has grown from zero to over 300 individuals and plans to erect condominiums for every member of the club.
While meeting for their second Annual General Meeting in Kololo and online on 25th August, Ronald Sebunya the Head of Investments at SFIC said that the projections in their objectives are still valid and that by 2025, the club will have 500 units.
“We started in 2019 jokingly when covid knocked on our doors. We started by saving sh1,000 every day and everything was completely virtual on all social media platforms. Groups from across the divide joined the club, we now have members from Uganda, Asia, the United States, and Europe,” he said.
According to Sebunya, the club has a portfolio of up to Sh0.5b in savings by 25th August 2022 since its inception.
He said that the club has invested in Bank of Uganda security bonds and Unit Trust with UAP with running investments (in UAP) worth over Sh271m and the earned interest of over sh30m from the total deposits on over sh452m as of August 26, 2022.
The club which operates on free entry and free exit is identifying strategic partnerships to build a wide scope of investment within its portfolio.
“We have long-term plans but started with an idea to build something for someone. We have moved several steps with different stakeholders. We encourage those interested in working together to come on board, we don’t know what the future holds,” he explained.
Sebunya said that the objective of the club is to grow 100% investment in the next 5 years with 70% capital and preserve the 30% growth and value for 10 years.
“We can grow 40% capital growth, value, and income at 60% in the next 15 years,” he explained.
Yesigye Brain Bravo the Executive Director said that the club is looking forward to involving members in Uganda North American Association with a view to expanding the concept with other Ugandans in the diaspora.
He acknowledged the fact that the club has attracted the women faces than men and called upon them to claim leadership positions.
“The club is 85% women, we have a lot of professionals and the club has successfully moved to the second phase at the point where most of the clubs collapse before their second anniversary,” he pointed.
Recently the Minister of Finance, Planning, and Economic Development Matia Kasaija called upon Ugandans to start saving money in investment clubs and government securities.
While addressing the media at the Media Centre, Kasaija said there is a milestone after Ugandans through the Collective Investment Scheme (CIS) by licensed CIS managers reached a total of Ush1.15 trillion in saving at the end of March 2022.
Over 32,998 Ugandans saved through Collective Investment Schemes by opening accounts with the licensed Collective Investment Scheme managers.
Let me take this opportunity to thank our CEO Mr Brian bravo to having come up with this vision of group saving during the difficult times of COVID 19 were nobody couldn’t come up with such proposal at particular time when people were struggling to get what to feed their children due to economic crisis everyone was going through so let me also extend my appreciation to all our pioneer members who bought the vision of saving together and we just began straight away without asking so many questions , we are in our third year saving together so far so good ”LET’S KEEP HOPE ALIVE”