Amolatar fish traders seek financial help to boost business
AMOLATAR, October 27, 2023 – The leadership of Juba Fish Traders Association at Namasale landing site in Amolatar district in Northern Uganda is soliciting financial support to boost their fish business.
The association first started with 30 members in 2018 as a fishing community but the number has come down to 15 active members who sell fish to clients in the Democratic Republic of Congo [DRC], Kampala, and other places within Uganda.
The fish traders face challenges with transportation due to limited funds despite the fact that the group members also have a savings scheme that provides loans to members.
The group’s annual savings total to only Shs 21 million which is not always enough for all the 15 members who want to expand their fish business.
Francis Opio Obote, the secretary of the fish association said they cannot transact in bulk because of limited resources, even though he said demand for the fish exists.
Opio said they cannot borrow loans from banking institutions because of the high interest rates imposed.
“We tried banks one time but their interest rate was high which was about 20 percent per annum and we realised we could not do much with that money and also the conditions attached to such as mortgage,” Opio said.
Dr Agnes Atim Apea, the Woman Member of Parliament for Amolatar district said the group needs financial support because their savings cannot allow them to expand their fish business.
“These group always save money but it is not always enough because they are doing businesses that need bigger capital that is why I called upon the Microfinance Support Centre [MSC] to support the groups,” Apea said.
The group is now hopeful that they will get some loans from MSC, saying the institution remained positive towards their cause when they sought financial help.
Mable Nabadda, the MSC Lira Manager said they are working together with MP Apea to ensure that the groups that need financial support are true and exist.
“We are working hand in hand with the Woman MP of the district leadership and we have very many of these groups in Amolatar that we are supporting and we shall continue supporting them,” Nabadda said.
Among others, MSC provides microcredit services to organised groups to support them in boosting their enterprises both individually and as a group.
https://thecooperator.news/hope-as-apac-fishermen-officially-launch-sacco/
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