DOKOLO, 27 January 2025 – The leaders of the Journalists Emyooga Savings and Credit Cooperative Organisations [SACCOs] in Dokolo district are calling for increased training in financial management for their members, which they believe will help them run their businesses more effectively and ensure they can repay the loans taken from the SACCOs.
The SACCO leaders made this appeal days ago at the Dokolo District Council Hall, following the announcement that the best-performing Emyooga SACCOs in the district have been selected to receive an additional Shs 20 million in seed capital.
Abel Okullo, the Chairperson of Dokolo South Journalists Emyooga SACCO, attributed the failure of many enterprises set up by journalists to a poor mindset, explaining that some members misused the money borrowed, and now they are finding it hard to repay their loans.
“Most of the businesses my members started did not succeed due to the impact of COVID-19 and the poor mindset of some journalists. Some of them used the funds for personal interests rather than investing in or supporting their businesses,” said Okullo.
Okullo appealed to the government to provide further training in financial management for journalists involved in Emyooga SACCOs, explaining that this would help them understand the rationale behind the programme, which was launched by the government in 2019.
“We are requesting that the government, if possible, offer more training to the beneficiaries on how to effectively use the money. There is a need for capacity building because many of the members did not know how to manage the funds. Training in financial literacy would empower them,” Okullo added.
Jasper Ouni, the Chairperson of Dokolo North Journalists Emyooga SACCO, admitted that more financial management training is needed in the district if the journalists are to create jobs and wealth, as outlined in the Emyooga Programme.
“While we have received training, it should be viewed as an ongoing process. We need additional training because, as human beings, we require new knowledge constantly,” Ouni said.
He further explained that the timing of the programme during the election period led some people to believe that the money was a free handout, rather than a loan that needed to be repaid.
“This Emyooga Programme was introduced during election campaigns, and some leaders misled people into thinking that the money was government funding that required no accountability or repayment,” Ouni added.
Henry Opio, the Emyooga Focal Point Person for the SSACCOs in the Lango and Acholi subregions, emphasised the importance of financial literacy in the business world, noting that it helps people manage their businesses effectively.
“Financial management training is an essential part of the support we provide to beneficiaries. Members need to learn how to manage their money by prioritising their needs, distinguishing between wants and needs, and minimising unnecessary expenses,” Opio said.
The Emyooga Programme was launched in August 2019 as part of the government’s broader strategy to transform 68 percent of households from subsistence to market-oriented production. Its overall objective is to promote job creation and improve household incomes. The initiative focuses on 18 different categories of enterprises, targeting previously financially excluded Ugandans engaged in specialised sectors such as journalism, welding, carpentry, plumbing, hairstyling, waitressing, and restaurant ownership, among others.
https://thecooperator.news/dokolo-emyooga-saccos-assured-of-additional-seed-capital/
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