The State Minister for Microfinance, Haruna Kasolo has given a three week ultimatum to all Emyooga saccos in Bukooli Island in Namayingo district to return the money that was given to them but have failed to account for it.
While monitoring the performance of the program in Bukoli Island on Friday, Kasolo discovered that saccos received the funds in form of seed capital lent it out, but have failed to recover it from the borrowers.
"Of all the associations that received the money, , up to now, there is no recovery," said the secretary for the produce dealers sacco told the minister.
The minister was also stunned when the sacco chairman shunned the meeting prompting the secretary to present the performance report.
Minister Kasolo was also told that the sacco for taxi operators had lent all the shs30 million seed capital received from the Microfinance Support Centre but only recovered shs1.2 million whereas the youth leaders sacco has managed to recover only shs3.2 million.
"The recovery is so poor to the extent that by June 13, 2022, the recoveries stood at 28.2 million. This has been recovered from about six saccos out of 18. The rest have not remitted anything. This is the struggle we are having as of now,"the Namayingo District Commercial Officer, Odako Zado told the minister.
During the meeting, most of the sacco chairpersons and their deputies shunned the meeting, and sent their secretaries and treasurers who read out the reports.
In response, Minister Kasolo ordered a few chairpersons in attendance, the secretaries and treasurers to have the money recovered in three weeks, since they are signatories to the accounts where the money was deposited.
"We deposited that money on your accounts. Who withdrew that money from the accounts? Would it be withdrawn if you didn't sign? I need that money. Don't tell me who you gave that money to. Why didn't you follow up on borrowers to make sure they pay back? I am giving you three weeks to have fully recovered that money,"Kasolo instructed.
"Make sure in three weeks, that money is on the account. You three signatories to the account; the chairperson, secretary and treasurer, I don't know the people you gave that money. Make sure you fully recover it."
To tackle the challenge, Kasolo ordered the zonal manager for Busoga region, Nduho Mugyenyi to work with Microfinance Support Centre and Namayingo District Commercial Officer, Odako Zado, and organize a training workshop for the Islanders about financial discipline.
"Make sure you mobilize all people in Bukoli Island Constituency for a training workshop; those in Emyooga, and those who are not must all attend the workshop," he directed.