Minister Kasolo resumes monitoring, evaluation of Emyooga saccos

The State Minister for Microfinance, Haruna Kasolo has resumed the monitoring and evaluation of Emyooga saccos in Busoga region after a long break.

On Tuesday, Kasolo was in Namutumba district where he interacted with various sacco leaders and officials from Microfinance Support Centre and other district officials.

"We don't want to again see you queuing in Banks, and going to money lenders to look for loans. Don't borrow money from the banks again. You have even made them increase the interest rates. Even people who have no plan for the loans, you find them lining up to get one. As long as demand is high, they (banks) will keep increasing the interest rates,”Kasolo said.

“You have formed your own saccos and associations. If you want a loan, get it from your association of Emyooga at less than 8% interest per year. Leave commercial banks for businessmen. We want to see you borrow low interest rate loans from Emyooga."

Saving

The minister however emphasized that the biggest principle for Emyooga is saving, noting that whereas government gives seed capital to saccos, it is meant to motivate them to save.

“Know that getting rich is your own benefit. No one will get rich for you. To be rich, you must have financial discipline. You must avoid over spending. The money can only be yours if you save it. Make sure you save, and reduce on your spending.”

“MPs should never lie to you that their salary is yours. Don't think that you will wake up to their doors to beg. The legislator gives knowledge and solutions to the problems. His money is not yours. He has family and children to look after. He is not supposed to give you money because he doesn't have it. Of all channels of getting rich, there is no begging. Do you know anyone who got rich because of begging? Make sure you embrace saving. None of you should be poor. “

Minister Kasolo said that through saving, the people will be able to raise capital required to start their own businesses but warned against spending recklessly.

“Whenever you get any opportunity to avoid spending, thank God for it . The money you spend recklessly can never be gained. Guard your money jealously. The government has done a lot to make you rich, but the challenge is mindset. No government will give you cash to get rich. Every government will teach you how to save. You have to make a contribution for you to get rich.”

He noted that the best performing saccos will each be given an additional shs20 million boost.

The Namutumba RDC, Thomas Matende emphasized that the additional shs20 million will only be given to the saccos that that performing well.

"You (beneficiaries) are saying we add you money. The money is there, but your performance will determine whether you are added or not. Emyooga is a revolving fund. We say, borrow the money, use it, and return it so that it is lent to someone else. In this short period of time, some Saccos have performed very well. Their loan recovery is very good. As I speak, four Saccos have been added 20 million each,”Matende.

He said some of the saccos that have so far received the shs20 million include veterans, restaurant owners and elected leaders.

Namutumba district is made up of three constituencies and a  total of 54 saccos were formed across the district, with 18 saccos in every constituency.

The district received shs1.68 billion as seed capital from Microfinance Support Center.