At least 14 best performing Emyooga saccos in Jinja City have received an additional shs280million in seed capital from the Microfinance Support Centre as an appreciation from government.
Last year, the State Minister for Microfinance, Haruna Kyeyune Kasolo said that the best performing Emyooga saccos all over the country would receive shs20 million each in addition to the shs30 million earlier given to them as seed capital from government.
On Wednesday, as the minister monitored the performance of the program in Jinja City, he was informed by the town clerk, Christopher Kaweesi that a total of 14 saccos out of the many in the city had invested and used the seed capital wisely and that these had qualified for additional funding of shs20 million following a recommendation of Resident City Commissioner (RCC) who heads the programme in the city.
Kaweesi said the benefitting Emyooga saccos are from the three constituencies including Jinja Southern Division East, Jinja Southern Division West, and Jinja Northern Division including those for boda boda riders, market vendors, mechanics, produce dealers, taxi operators, restaurant owners, welders, women entrepreneurs and tailors.
Given an opportunity to present their performance reports to the minister, the beneficiaries said the seed capital of shs30 million given to them in the first phase is insufficient, and asked the minister to have it increased.
“A seed is never sufficient. That is why it is called a seed. It is given to you to multiply it, and have abundance. If we gave you shs30 million for eating, you would say, it is not enough. But we gave you a seed to multiply, and have more,”Kasolo said.
He informed the beneficiaries that the saccos that qualified for the additional funding had been recommended by the Resident City Commissioner.
"Microfinance Support Centre does not have powers to give out shs20 million to any sacco, unless it appears on the list signed by the RCC and city leaders," he said.
Kasolo urged Emyooga saccos that did not qualify for additional funding to work hard by improving on the savings and loan recovery.
"I don't want you to say that the selected few are the only ones that have benefited. No, even yours is there. We have it. Make sure that when you lend, you recover that money. Secondly, improve on your savings. You will qualify for that money. Every financial year, we shall be adding you more money. This is the program that will get us out of poverty," he said.
