Masaka, Uganda | THE INDEPENDENT | Beneficiaries of the Presidential Initiative on Wealth and Job Creation (Emyooga) have mobilized over sh40 billion in savings over the past one year.
One of the key prerequisites for any member to borrow from an Emyooga SACCO is regular and consistent saving. Going by the available statistics from the Microfinance Support Centre on savings across the board, a culture of saving is steadily taking root among the population as the Emyooga programme takes root across the country.
The Microfinance Support Centre – the lead implementing Government agency for Emyooga – has on its part prioritized mind set change during the pre-disbursement trainings as well as monitoring and capacity building activities. This, to instill a culture of saving among the population to enable them fully benefit from the program.
Saving was a key message that Minister of State for Finance Planning and Economic Development in charge of Microfinance, Hajj Haruna Kasolo Kyeyune shared during the ongoing monitoring tour to assess progress of Emyooga program in greater Masaka.
He cautioned beneficiaries no desist from lending to irregular members, even when they raise the required amounts. This he says shall boost SACCO savings, benefit the right people, as well as safeguard the fund to attain its intended purpose.
Minister Kasolo describes Emyooga as a great avenue to cheap credit for all Ugandans organized in the different enterprise categories.
He says, Emyooga is part of the bigger government strategy to relieve the country of the growing debt burden. This, through transforming communities from subsistence to commercial production which in turn, progressively, widens the local tax base.
To-date, The Microfinance Support Centre has disbursed 231 Billion Shillings to 6591 Emyooga SACCOs countrywide. 6396 of the SACCOs have received their certificates of registration from the Ministry of Trade, while the remain few are under process, with support from the Microfinance Support Centre.
In the two constituencies of Masaka City, 900 million shillings was disbursed to 133 SACCOs, directly benefiting 1572 individuals. These have been able to save up to 340 million shillings, given loans worth 773,616,000 shillings to SACCO members and have so far recovered 374,667,000 shillings.