Each constituency to receive shs360m top up for Emyooga Saccos
Government is set to give an additional shs360 million to each constituency to be distributed among the Emyooga saccos.
Right from the early stages of implementation of the Presidential Initiative on Wealth and Job creation Emyooga, one of the most cross-cutting issues raised by beneficiaries has been inadequacy of the seed capital allocated to each Emyooga Sacco.
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Each sacco received shs30 million during the initial disbursements, with the exception of elected leaders who received shs50 million worth of seed capital, bringing the total amount received per constituency to Shs560 million.
Whereas some beneficiary categories have relatively manageable numbers, some categories are overwhelmed by numbers and consequently struggle to satisfactorily serve their members.
However, the State Minister for Microfinance, Haruna Kasolo has revealed that government is to inject an additional shs360 million per constituency to ensure each well-performing sacco receive another shs20 million.
Some of the Emyooga beneficiaries giving their testimonies.
The minister said that the additional seed capital shall be disbursed to Emyooga Saccos upon satisfying the set criteria of convening Annual General Meetings, voluntary and consistent saving, loan recoveries and observing the 30% savings requirement before a member can access a loan.
“Recommendation of successful SACCOs shall be done by Resident District Commissioners or Resident City Commissioners assisted by District Commercial Officers and Community Development Officers,”Kasolo said.
He however cautioned Saccos leaders against who bringing in money from money lenders to gain quick access to the seed capital.
He noted that such cases will in the long run jeopardize the program as the intended beneficiaries may be left out.
On arising concerns about the pre-set repayment period of four months, Minister Kasolo urged Saccos not to give long-term loans as it kills the motive of revolving the fund to benefit all members.
The minister however reiterated that it remains at the complete discretion of the Sacco leadership to adjust accordingly.
Senior Presidential Advisor on Greater Masaka affairs, Justine Nameere advised Emyooga beneficiaries to be ambassadors of the program wherever they are.
She pointed out scenarios where saboteurs de-campaign the program on open public fora in the face of beneficiaries which misinformation, she said discourages the very people targeted by this initiative.
