MONEY MEANT TO BOOST GROUPS’ SEED CAPITAL
All Emyooga groups and SACCOS across the country that have adhered to the guidelines given to them by government are to receive extra Shs20m.
This follows a directive by H.E the president to Microfinance state minister Haruna Kasolo Kyeyune asking him to add more Shs20m to excelling Emyooga and SACCO groups in order to boost their seed capital.
“Government through the Microfinance Support Centre is going to give an extra Shs20million to excelling Emyooga groups and Savings and Credit Cooperative Organizations-Saccos across the country. I have been directed by the president to give out additional funds to groups that have adhered to the program guidelines” he says.
He made the remarks during monitoring and member education meetings on the Presidential Initiative on Wealth and Job creation (Emyooga) and Parish Development Model programs in Katakwi district.
The three-day consultative meetings (Barazas) were organized by Katakwi district leadership led by Vice President Maj. Jessica Alupo, also the area Woman MP. The barazas are being held in three counties including Toroma, Ngariam and Usuk and that they are facilitated by experts from Ministry of Finance and the Uganda Microfinance Support Centre.
Kasolo explained that the success of Emyooga is measured by the repayment and savings levels of the beneficiaries.
“However, I note that there was still low saving and average recoveries of the funds in some areas. I want to urge the beneficiaries to improve on their saving culture as we strive to fight household poverty” he said.
He encouraged the Emyooga Sacco members in the district to increase their saving culture and recover the funds so that they can be able to qualify for the additional funds.
Launched in July 2020, the Emyooga programme where the government has so far injected a whooping Shs260b, targets low income Ugandans in the informal sector to enable them boost their household incomes and grow their small businesses.
Meanwhile, the Vice President showered praises on President Yoweri Museveni for making Uganda peaceful and secure which she said has facilitated growth and development across the country.
She appealed to Sacco leaders to keep doors open for new members to join, saying each financial year; money is going to be added to each SACCO.
She called upon those who borrowed money from SACCOs to pay back in time so that other members can benefit from the Emyooga funds and also be able access the additional sh20m every financial year.
She commended Kasolo for the monitoring and financial literacy lessons conducted in her district, saying they are to enhance accountability and cultivate a culture of saving among the people.
To support the efforts further, Parish Chiefs are being trained in computer literacy to facilitate the implementation of PDM and other livelihood programs.
Alupo assured the people of Katakwi and Teso sub region that electricity will be connected to all trading centers, hospitals, schools and that mapping has already taken place.
She said the Road from Gweri-Kapujan-Toroma-
Magoro-Ngariam will be rehabilitated, and also the one from Kumi-Toroma-Katakwi-Usuk-Orungo corner will be upgraded too.
The locals couldn’t hide their happiness towards the Emyooga cash as they displayed some of the commodities that were produced with emyooga support