By Ben MusanjeThe Buganda Kingdom has introduced Global Positioning System (GPS) technology to monitor businesses financed under the Shs5.8 billion Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project, in a move aimed at preventing misuse of the funds and improving loan recovery.The innovation was unveiled on Wednesday during the launch of the disbursement of GROW Project funds through Kyadondo CBS PEWOSA SACCO to beneficiaries in Ssaza Butambala at Kibibi Sub-County Headquarters Playground in Butambala District.Speaking at the event, Kyadondo CBS PEWOSA SACCO Chairperson Michael Kawooya Mwebe said the GPS-based monitoring system would enable the SACCO to identify the exact location of every business financed under the project and continuously monitor its performance.He explained that the technology would help ensure beneficiaries invest the money in the intended businesses rather than diverting it to other activities, while also strengthening accountability, improving loan recovery and enabling the SACCO to demonstrate the impact of the funds.According to Mwebe, effective monitoring would also increase the SACCO’s chances of accessing additional financing under the GROW Project.The GROW Project, a World Bank-funded initiative implemented by the Ministry of Gender, Labour and Social Development in partnership with the Private Sector Foundation Uganda (PSFU), allocated Shs5.8 billion to Kyadondo CBS PEWOSA SACCO to provide affordable financing to women entrepreneurs across Buganda.The loans range from Shs2 million to Shs200 million and attract interest of less than 10 percent annually. Beneficiaries who complete repayment of their loans qualify for a five percent cashback incentive, making the facility one of the most affordable financing options available to women-owned businesses.Mwebe said the SACCO had so far disbursed about Shs500 million, with women entrepreneurs in Butambala alone receiving Shs122 million.He expressed optimism that successful utilization of the current allocation and timely loan repayments would enable the SACCO to secure additional funding from the GROW Project, thereby expanding access to affordable credit for more women entrepreneurs across Buganda.CBS PEWOSA SACCO currently operates in 10 Buganda Kingdom counties (Masaza)—Kyadondo, Busiro, Buddu, Kyaggwe, Ssese, Kabula, Mawogola, Mawokota, Ssingo and Buweekula.Mwebe said the Kingdom’s long-term ambition was to establish CBS PEWOSA SACCO branches in all 18 Buganda counties, widening financial inclusion and supporting entrepreneurship throughout the Kingdom.He noted that the cooperative, which has existed for 17 years, was established in 2009 with the support of the current Katikkiro of Buganda, Charles Peter Mayiga, who at the time served on the CBS Radio governing board.Addressing concerns raised by Muslim entrepreneurs, Mwebe explained that the GROW financing model had been structured in a manner that does not contravene Islamic principles prohibiting Riba (usury). He said the SACCO had put in place affordable and flexible financing arrangements to ensure women entrepreneurs from different religious backgrounds could access the funds without unnecessary barriers.He also appealed to GROW Project Coordinator Dr. Aisha Ruth Kasolo Biyinzika to continue supporting CBS PEWOSA SACCO, saying the partnership had already enabled hundreds of women entrepreneurs to access affordable credit and had the potential to reach many more as the programme expands.The GROW Project is designed to improve access to affordable financing, business development services and market opportunities for women-owned enterprises across Uganda, enabling them to grow their businesses, create employment and contribute to household incomes and the country’s economic development. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).