Best Ideas 2020 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Mortgage Trust Fund Uganda
Explain your idea in details:
Mortgage Trust fund Uganda aims at offering saving services to the beneficiary groups (Those in slums, low and middle income tenants and non-tenants with poor houses) at no charge, growing these savings through investment, constructing for them comfortable houses and extending for them free financial literacy services for their financial resilience for a sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all as per Goal 8 of the UN 2030 Agenda for Sustainable Development. Our beneficiaries will also be able to track their savings and returns through a mobile application and USSD code which will be accessible to all beneficiaries and will be handled with integrity, confidentiality and professionalism. Goal 11 of the UN 2030 Agenda for Sustainable Development aims at making cities and human settlement inclusive, safe, resilient and sustainable. In this way, focus is on ensuring access for all to adequate, safe, and affordable housing and basic services and upgrade slums. Mortgage Trust Fund Uganda is here to add a milestone towards the achievement of this goal. Much as the 2016/2017 Uganda National Household Survey (UNHS) report gives promising figures on owner occupied dwellings and rented dwellings at 72 percent and 22 percent respectively, the accommodation lifestyle is still limping. The same report shows that 84 percent of households that were renting dwellings were using one room each for sleeping. This is very dangerous given the increasing spread of diseases such as tuberculosis, Ebola, COVID-19 and others that easily transmit due to overcrowding, hence reducing productivity and the quality of life.
Expected impact of your idea on sustainable development
Mortgage Trust Fund Uganda will change the housing lifestyle of many Ugandans especially those in slums and villages not forgetting the low and middle income earners irrespective of tribe, color, religion or race. These people will save the little they can and we shall supplement on that to construct for them comfortable houses. The too much money spent on renting and/or treating illnesses as a result of poor houses will then be redirected towards production and creation of wealth.
Plans for implementation and sustainability
Mortgage Trust Fund Uganda plans to commence operation in January 1st, 2021. This is to allow for the mobilization of adequate resources for sustainability as well as monitoring the containment of COVID-19 pandemic by the responsible authorities. Our sustainability will lie in investments (Stock markets, Government securities and Real estate). Additionally, after five years we shall extend mortgage services to the well-off individuals at a given interest rate. This will help in accumulating funds that will help those who cannot totally save due to absolute poverty.
A 26year old male Ugandan vibrant, Pragmatic and interested in areas of Accounting and Finance purposely to uplift the standards of people and contributing to the National GDP in the capacity available. Have been very active in promoting human life through the pro-life club, participated in the environment awareness walk due to love for environmental conservation, participated in the USE University Challenge 2019 due to the passion for Financial analysis, apparently running 'The Pragmatic Accountant' blog and Facebook page because of the love for Accounting, research and article writing. https://pragmatistonline.wordpress.com/ Participated in the Smarter than Corona challenge to find solution to the food insecurity threat. With other two colleagues, 'The Food Security Hub' is at its development stage to help pregnant mothers during difficult situations especially pandemics or catastrophes across the country. Now initiating the Mortgage Trust Fund Uganda to solve the housing challenges of many poor Ugandans through savings, Investment and Financial literacy. Thank you.