Community groups tipped on investment

Mwanza District community development officer Wesley Saidi has encouraged village savings and loan (VSL) groups in the district to form joint ventures to earn more profits.

The official said this on Tuesday when Titukulane VSL Group members were sharing dividends at an event held at Thambani Trading Centre.

“You should consider bringing your capital together and set up a bigger business other than the usual ones such as baking mandasi [fritters] whose profit is small,” said Saidi.

He mentioned business projects such as maize mills and cattle farming as examples of worthwhile ventures.

During the function K1.3, million the group saved for six months was shared among 23 members.

In his remarks, the group’s chairperson John Anansisapangana said they were failing to start better businesses because they did not know the advantages of joint ventures.

“We will look into the possibility of running a business to maximise our income,” he said.