The Microfinance Support Centre has revealed that so far shs200 billion has been disbursed to different Saccos around the country as part of the Emyooga presidential initiative on wealth and job creation.
The Emyooga initiative that started last year targets Ugandans especially in the informal sector who come together in form of Saccos under 19 clusters including Boda boda riders, taxi drivers, restaurants, welders, market vendors, women entrepreneurs, youth leaders, people with disabilities, journalists, performing artists, veterans, fishermen, and elected leaders.
Each of the Saccos receives shs30 million as seed capital, save for the private teachers and leaders that each receives shs60 million and 50 million respectively.
Speaking during a stakeholders’ engagement meeting for Emyooga program on Friday at Royal Suites hotel in Bugolobi, John Peter Mujuni, the Microfinance Support Centre Executive Director said they have achieved success in the past few months the program has been in existence.
“As of April 2021, shs200 billion had been disbursed to Saccos spread in 347 constituencies and 146 districts across the country,” Mujuni said.
He noted that to date, a total of 6394 Saccos have been formed and a total of 205710 parish-based associations.
“A total of 1,439,970 members in the parish-based associations and 42,707 leaders from the Emyooga Saccos have so far been trained in the areas of financial literacy, savings among others.”
Mujuni however boasted that, unlike other programs that have failed despite the many years of their existence, the Emyooga is destined for more success.
“As Microfinance Support Centre, we commit that this program will not fail and collapse in our hands. We(MSC) have the capacity through our network to know the people, economic lives and this gives us the confidence to deliver the program to its success.”
“As far as what we promised, we are on track.”
According to the State Minister for Microfinance, Haruna Kasolo, the Emyooga program has taught members of the public how to save money for development.
“People have the money to save but don’t have a saving culture. Emyooga has taught them how to save. Saving is good because if people don’t save, they won’t do business since they will lack capital but will also have no purchasing power,” Kasolo said.
He said that the notion that government is a supply entity for everything as people wait to be given is wrong as people can work for their own.
The Finance Minister, Matia Kasaija said the program will help people get out of poverty but also raise some capital for their businesses.
“This program presents an opportunity for people who have started small businesses to scale them up through affordable finances. If people join this program, in future we will have more tycoons,” Kasaija said.
“There is a lot of money floating among Ugandans but the problem is that they don’t plan on how to use it. With Emyooga, you can save a little and then borrow to put in your business.”
Kasaija however warned that the money in Emyooga is not for eating but rather borrowing and repay at a small interest as agreed upon by Sacco members.