Taxi operators under the, Mbale City Industrial Division Emyooga Sacco have marked a significant achievement with the acquisition of two mini-bus taxis, which have become valuable assets for the 225-member organization.
The sacco comprised of 10 member associations, received shs50 million seed capital from the Microfinance Support Centre (MSC).
Siraj Kawesa Msagazi, the sacco chairperson said they augmented this funding with their savings to acquire two mini-buses on hire purchase at shs70 million each.
"We contributed additional funds to cover the initial deposit and used the revenue from taxi operations to pay off the balance. We fully own the vehicles and have their registration cards," Msagazi said.
He reflected on the previous hardships faced by drivers.
"We were working for others and barely making ends meet. We are deeply thankful to the president for this opportunity.”
David Wanda, the sacco Secretary, reported that they have amassed shs146 million in member savings and shs8 million from share capital and membership fees along with undisclosed earnings from taxi operations.
Additionally, they have issued shs165 million in loans and recovered shs86 million of that amount.
"This financial support has had a positive impact on our members’ lives, and we are hopeful for continued success in the taxi industry," Wanda said.
Member, Abdulkarim Musungule expressed his appreciation.
"I thank President Museveni for the Emyooga program. It has relieved us from relying on money lenders."
Another member, Badiru Watuwa, used an Emyooga loan to purchase his own omnibus.
"I got shs5 million from the sacco and added shs10 million of my own to buy a second-hand mini-bus taxi worth shs15 million . Now, I drive my own taxi. I am very grateful to President Museveni and hope for further support."
Bashir Mabanja and Ali Lukwago also praised the Emyoga initiative for its role in their economic improvement.
"We thank President Museveni for this program as it has greatly benefited us drivers," Mabanja said.
The sacco members are now seeking additional support from the Microfinance Support Centre to further their dream of establishing an auto parts business, which would provide them with essential vehicle components.
They also plan to acquire a building in Mbale City to host their office and generate additional income.
The Mbale City Industrial Division Taxi Operators Emyoga sacco exemplifies the Presidential Initiative on Wealth and Job Creation.
This program supports 18 key enterprises at the constituency level, including taxi operators, tailors, salon owners, market vendors, performing artists, tailors, and boda boda riders.
By encouraging a shift from subsistence to market-oriented production, the initiative aims to enhance livelihoods, reduce unemployment, and stimulate local economic growth, thereby improving the standard of living for Ugandans.