By Our Reporter
Goldmine Finance, a financial institution providing short term loans, is giving back to the community to mark their 10th anniversary.
According to Allan Tayebwa, the Goldmine Finance founder and Managing Director, the company started operations in August 2011 with a capital base of Ugx 2,000,000.
“I started with a loan of Ugx 2 million from my sister,” Allan Tayebwa said. “But I had initially been doing something like this at university. I would lend out money to people and they would give it back to me with interest.”
In the 10 years since inception, the company which mainly targets money lenders and real estate developers has grown to be able to give out loans of up to Ugx 300 million to single individuals.
To celebrate this milestone, the company has embarked on a CSR project aimed at empowering local communities with financial literacy skills.
While they had initially planned to hold a mega 10th anniversary fete, this could not be possible due to the COVID-19 restrictions thus deciding to channel the funds to CSR.
The said project is targeting the community living in the railway reserve in Kataza village, Nakawa division who are facing imminent eviction.
Through the project, the company is facilitating and rallying the community to come together and save funds towards acquiring their own land. It is expected to impact and transform lives of over 1000 individuals.
The project is in line with their ambition to create a million millionaires and a thousand billionaires in the next 10 years.
“One of our goals is to create one million millionaires and a thousand billionaires in the next 10 years,” Allan Tayebwa explained. “The millionaire we are looking at is not one who earns one million, but rather one who has investments worth one million shillings.”
“The way to achieve this is through financial literacy. That’s the number one thing – to let people know that you can be patient with your money and it will grow.” Allan Tayebwa added.
Meanwhile, the company is also planning to expand and open new branches next year.
“We have grown to a staff of 18 from one and are still growing. We are planning to start branching out. We will create our first two branches next year.” Allan Tayebwa revealed.