Spend less, save every day, you will soon become rich-  advises Minister Kasolo

The State Minister for Microfinance, Haruna Kyeyune Kasolo has urged Ugandans to spend less but save every day to ensure they become rich.

“Spend only when you must. I teach you this so that you save. Saving is the major point. For anyone to become rich, you must have a business that gives you money every day. If you are a man or woman, and you wake up to do nothing, I don't what to call you. Every human being must save money every day. Even beggars on the streets earn money every day, but for you, you are not earning anything. Vend sugarcanes or fry chapati, but to get out of poverty, you must have a business that earns you money every day. Other than that, you are off track,”Kasolo said.

He was speaking to Emyooga beneficiaries in Kyegegwa district as part of the monitoring of the program.

Minister Kasolo urged members of the public, especially those who earn salary at the end of the month to get at least side businesses where they can earn daily.

 

"Salary earners who don't have daily income generating activity always forms long lines at the bank to withdraw money at the end of the month. They are badly off. A salary can never make you rich. A person's wealth is determined by their daily saving. So, if you don't have a business that earns you money every day, after here, go and start it. Stay home women, make sure you have a project at home that earns you money every day,” he urged.

District performance

The minister was informed that Kyegegwa district has so far received shs1.68 billion as seed capital distributed to 54 Emyoga saccos with 1,094 Associations across the district.

The amount of loans so far disbursed to the entire district total to  shs1.25 billion and of this, shs960 million has been recovered.

The Kyegegwa district LC 5 Chairman, John Byamukama Kisoke however told the minister that many leaders shunned the Emyooga program but are now slowly appreciating it.

"The challenge is that Emyooga was introduced during campaigns, and most leaders disassociated with the programme because they were not even sure whether it would be implemented or not. But after elections, we have also joined as political leaders to support the Emyooga, and also sensitize the communities that it is a very good Programme."

"However, in Kyaka South, the sacco  for leaders was not formed but the money came, and we still have it on the account. Therefore, I am calling upon the leaders of Kyaka South to organize themselves, form groups, and they are able to qualify for funds."

The Kyegegwa district RDC, Monica Karungi warned she would  arrest  defaulters of Emyooga funds.

"What we have gotten is that you (beneficiaries) are doing well but  to the defaulters, you are cheating yourselves. CDOs, we need to sensitize these people. I will do periodic monitoring and whoever wants to default Emyooga funds, I am going to work with the DPC and  the DISO to look for you.”