DOKOLO, March 18, 2025 – The government has so far disbursed a total of 70 million to the Dokolo Welder’s Emyooga SACCO since the inception of the programme.
Emyooga, a Presidential initiative launched on August 19, 2019, aims to transform 68 percent of homesteads from subsistence to market-oriented production, with the overall goal of promoting job creation and improving household incomes.
The funding has significantly contributed to the development of the SACCO, leading to an increase in membership, savings, loan acquisition, and the growth of individual member businesses.
The SACCO initially received Shs 30mln as seed capital in 2020 and was later allocated an additional Shs 40mln.
Quinto Ebong, the Vice-Chairperson of the SACCO, expressed his enthusiasm about the total capital received from the government, which now stands at Shs 70mln since 2020.
Ebong stated that the seed capital has been particularly beneficial for members who wish to borrow loans, noting that it has always been sufficient.
“I am happy that this financial year we received an additional Shs 20 million in seed capital, bringing our total seed capital to Shs 70 million. Our savings now total approximately Shs 83 million, and the shares purchased by our members amount to Shs 18.4 million. This gives us a solid financial base that allows our members to borrow easily,” Ebong said.
He also acknowledged the responsible borrowing habits of members, which have contributed to the SACCO’s success.
“I want to appreciate our members who borrow money, use it for its intended purpose, and repay it on time,” Ebong added.
Henry Obua, a SACCO member, highlighted the affordability of SACCO loans, especially when compared to the high-interest rates of bank loans.
“Borrowing from the SACCO has significantly boosted my hardware business. I used to borrow from the bank, but when I calculate the interest rates, I find the SACCO’s rates are much lower and more manageable. Plus, they offer a repayment period of three months,” Obua said.
Lydia Adero, a member of the Agwata Welders Association, shared how the SACCO helped her send her child to university.
“I joined the SACCO just last year and borrowed money, which has been a great help. Thanks to this support, I am now able to send my child to study at university,” Adero said.
Dorcus Angom, who joined the SACCO six months ago, said she plans to borrow money soon to grow her business.
“I’ve been part of Village Savings and Loan Associations, which are good, but I’m happy I joined this SACCO last October. I’m saving now, and though I haven’t borrowed yet, I’m hopeful to do so in the future because SACCO loans are beneficial,” Angom said.
The SACCO, which started with just 40 members, now boasts 153 members and 10 groups, including Onkwalo-gwen B Welders Association, Onkwalo-gwen Parish Welders Association, Bardyang Welders Association, Bata Welders Association, Agwata Welders Association, Amuda Parish Welders Association, Amuda Western Welders Association, Amuda North Welders Association, and Amuda Eastern Welders Association.
Emmy Okello, an Emyooga Coach and Mentor appointed by the Microfinance Support Centre (MSC) for Dokolo, Kwania, and Amolatar districts, confirmed the SACCO’s progress.
“I am pleased to see that Dokolo North Welder’s Emyooga SACCO has grown in membership, with savings now exceeding 100 million. Members are borrowing loans, and new members are joining. This shows that the leadership of the SACCO is on the right track,” Okello said.
However, Okello pointed out that many SACCOs fail due to a lack of understanding in their management, as some people confuse them with Village Savings and Loan Associations.
“Many SACCOs are struggling because they don’t know how to run them properly. People often mix SACCOs with VSLAs, but a SACCO is a more advanced model,” Okello explained.
He urged SACCO leaders to remain transparent and accountable in order to achieve the positive impacts of the programme.
“Our hope is that the guiding principles of the programme are followed. Leaders should treat these SACCOs like a fragile glass, if you handle it carelessly, it will break. Leaders must be fair, transparent, and accountable,” Okello said.
Patrick Alenyo, the Dokolo District Commercial Officer, praised the SACCO’s performance, noting that its recovery rate is now over 95 percent of the seed capital provided by the government.
“The SACCO’s performance is excellent, with a recovery rate exceeding 95 percent. This is a great achievement,” Alenyo said.
https://thecooperator.news/soroti-journalists-access-emyooga-funds-after-waiting-for-years/
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