By KT Reporter
The Elderly in the Bunyoro sub-region have raised concerns about the difficulties they are enduring while securing loans from financial institutions.
They argue that the various money lending institutions and commercial banks have denied them opportunities to access loan services, citing concerns about their age, lifespan and risk of non-repaying or servicing their loan.
They want the government to advocate for age-inclusive financial policies that would allow older persons to secure loans without prejudice, noting that access to credit is critical for improving their livelihoods.
Charles Okethwengu, a resident of Buseruka sub-county in Hoima, says he feels oppressed when he is denied the opportunity to acquire a loan from financial institutions because they think they are unable to service their loan.
Justine Tinkasiimire from Masindi says, the challenge could be a crucial step toward building a more equitable and supportive environment for elderly persons in the area.
Fred Rugongesa, a resident of Kigorobya in Hoima, says a large number of the elderly are living in poverty, yet they cannot afford housing and clothing and a decent meal.
Ali Tinkamanyire, the Buseruka sub-county LCIII Chairperson, notes that many elderly persons in his area are unable to venture into businesses due to a lack of money.
He has appealed to the government to explore possible interventions to ensure that elderly persons also get the services of the financial institutions.
Emmanuel Adriko, the Bombo Sub County LCIII Chairperson, says it is unfortunate that the elderly persons are being denied loan services, yet most of them can even perform better in servicing the loan.
One of the Bank managers in Hoima city, who spoke to Uganda Radio Network on condition of anonymity, revealed that they fear allocating loan services to the elderly people due to their advanced age, noting that it could be difficult to repay since most of them do not have income-generating activities.
In Uganda, it is estimated that approximately 85% of active older people in rural areas engage in crop farming, which is insufficient to provide a regular, stable income, and they have no social security.
A 2017 policy brief by the Uganda Social Protection platform said elder citizens also face challenges due to disability, as 66.8% of people above 60 have at least some difficulties in functional areas such as hearing, seeing, or others.
Furthermore, the report added, their educational attainment is relatively low, with only 15.6% having completed either primary school or higher education levels.
Older persons are the worst hit by food insecurity and poor nutrition. They mainly feed on carbohydrates and take only one meal a day.
This has predisposed them to malnutrition, ill health, emaciation, and chronic energy deficiency-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
