Applicability of Financial Inclusion Theories and Rural Development Theories in the Implementation of the Parish Development Model (PDM) in Uganda
Nakayiso Eseza
Email: eseza.nakayiso@studwc.kiu.ac.ug
ABSTRACT
This article provides guidance on how to implement the Parish Development Model, which was launched in February 2022 as the government’s multi-sectorial strategy to achieve socioeconomic transformation by converting 39% of Ugandan households from the subsistence economy to the money economy. Uganda, often known as the Pearl of Africa, has seen national development plans incorporate Vision 2040 goals, and it is now undertaking its third National Development Plan. To complete the 2040 vision cycle, three further identical projects must be done. President Yoweri Kaguta Museveni highlighted Financial Inclusion as one of the 17 implementation strategies, since Uganda’s monetary poverty rate (the proportion of the population earning less than US$1.04 per day) has increased over the preceding nine years, from 19.7% in 2012/13 to 21.4% in 2016/17. Despite an average annual economic growth rate of 4.7%, the number of underprivileged individuals rose to 8.7 million in 2019/20 from 6.6 million in 2012/13. As a consequence, the Parish Development Model was implemented in rural regions to eliminate poverty. Financial inclusion and rural development principles can help to assist this economic growth plan. As a result, this study investigates how these principles have acted as guides for effective parish development model implementation, as well as recommendations to ensure that they are consistent with rural people’s long-term aspirations.
Keywords: Financial inclusion and Rural Development theories, Parish Development Model
CITE AS: Nakayiso Eseza (2024). Applicability of Financial Inclusion Theories and Rural Development Theories in the Implementation of the Parish Development Model (PDM) in Uganda. INOSR ARTS AND HUMANITIES 10(2):1-11. https://doi.org/10.59298/INOSRAH/2024/102.1111