The State Minister for Microfinance, Haruna Kasolo has hailed members of Mbarara City North produce Emyooga sacco for saving up to shs220 million in one year of the program.
The minister who is the area as part of the monitoring program was pleased when he was told that whereas others have not fully participated in the program, the sacco for produce dealers in Mbarara City North had attracted over 3000 members.
” Even if I don’t eat, as long as you have performed well, that’s enough for me. We need to make Emyooga the most sought after program in the country,” he said.
Owing this exceptional performance, Kasolo directed that the sacco gets an additional shs20 million in seed capital from the Microfinance Support Centre.
” Within a period of two months you should be able to get the money,” he said as he continues to monitor saccos in Ankole sub-region.
Kasolo also said he will deliver a motorcycle to the sacco next week to help members in monitoring their activities.
” The motorcycle is for monitoring Emyooga activities and I’m giving it to you free of charge,” Kasolo who led a fundraising exercise for this Sacco in which Shs 400, 000 was raised said.
” And when I’m giving out motorcycles and computers next year to other Saccos, you will still get another motorcycle.”
The minister was elated that the sacco stuck to the eight percent interest rate laid out in Emyooga guidelines.
” You have saved a lot. You have repaid the loans and this is done at the interest rate of eight percent,” Kasolo said.
Though he praised the Sacco for outstanding performance, Kasolo cautioned them that they’re not the best in the country.
“There are saccos that have done extremely well. You should redouble your efforts such that you become the best in the country,” he said.
The minister however asked Emyooga leaders not to personalize saccos.
” Make Saccos participatory. Don’t own them. Involve other group members. It is incumbent on the population to see that government programs flourish.”
He asked members of the public to always embrace all government programs introduced in their areas.
” We have been bringing programs to alleviate poverty but you have been sabotaging them. You need to embrace these programs if you want to get rid of poverty. ”
The essence of Emyooga, the minister said, is to change the mindset of people through trainings and also give them seed capital such that they can expand their enterprises.
“Government is doing all it can to alleviate poverty and now it’s up to do your part,” he said.
According to Abdulwahabu Atweta, the Mbarara City North Produce Sacco chairperson, they now have a share capital of shs15 million and that members mainly deal in milk, beef production and grains.
He added that members have managed to repay loans worth shs124 million out of the shs193million in loans given out.
Atweta said they expect to have saved shs1 billion by the end of the year whereas they also envisage the individual membership to rise up to 50000 people whereas the share capital is expected to increase to shs45 million.
Keeping factors constant Atweta says by end of this year they project that they will save Shs 1 billion. They also envisage that by the end of this year their individual members would have skyrocketed to 50000 and share capital increased to Shs 45 million.
” We want to be the model sacco not Just in Mbarara but the entire country,” Atweta said.
