54 SACCOs have been formed out of over 1000 groups which were registered to benefit from the Presidential Wealth, Job Creation Initiative, commonly known as Emyooga, in Masindi district.
Before they can benefit from the initiative, groups of individuals involved in similar enterprises are required to form SACCOs through which they will receive financing.
According to Godfrey Bahemuka, the Masindi district Community Development Officer, efforts are underway to empower SACCO leaders to streamline their SACCOs as they prepare to receive the Emyooga cash.
Last Saturday, the office of the District Commercial Officer (DCO) and that of the Community Development Officer briefed leaders of the different groups in Masindi municipality on the procedure for opening bank accounts and guided them on how SACCO leaders are selected.
“The money is already available and as soon as they [SACCOs] open up their bank accounts and settle their leadership issues, the money will be channeled to their accounts,” said Bahemuka.
At the same time, staff from the two offices are traversing the district to get SACCOs ready.
However, Bahemuka intimated that they are facing a challenge of people who are politicizing the program, while others are claiming that the money is a grant.
“This is a government program and it shouldn’t be politicized. It is here to stay,” bahemuka stressed, adding: “People should also know that this is not free money; it is payable. This is one way of promoting a saving culture amongst the people.”
In July this year, the State Minister for Microfinance, Haruna Kyeyune Kasolo, officially launched the program in Masindi district.
During the launch, the minister revealed that government would inject Shs 620m into each constituency to fund 19 selected clusters that include Boda-boda riders, salon owners, carpenters and taxi operators, welders, market vendors, Journalists, performing artists, mechanics among others.
Under the project, each enterprise group with a minimum of 30 members will receive up to Shs 30m in funding, which will be accessed as a revolving fund by members to boost their respective income-generating ventures, at interest rates as low as 5 percent annually.
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