Emyooga SACCOs in Lango get extra Shs 400mln seed capital

LIRA, September 6, 2023 – The Government through the Microfinance Support Centre [MSC] has disbursed Shs 400 million to 20 Emyooga SACCOs in Lango Sub-region as additional seed capital, where each SACCO is allocated Shs 20mln in extra funding.

Officials said yesterday more than 100 SACCO groups in the sub-region are in the pipeline to receive the funds since their files are being worked on for disbursement.

However, the Emyooga SACCOs that received the latest money include; Dokolo South Youth Leaders Emyooga Group, Apac Municipal Veteran Emyooga SACCO, Maruzi South Fishermen SACCO, Maruzi North Produce Dealers Emyooga SACCO, Moroto County Women Entrepreneurs Emyooga SACCO, and Lira Municipality Bod Boda SACCO and others.

Mable Nabadda, the Lango zonal MSC manager said getting the additional seed capital is easy if SACCOs submit the needed requirements such as audited reports, and minutes of the previous annual general meeting [AGM] held with members among others.

“This Shs 20 million is supposed to be for every Emyooga SACCO, however it is not automatic that it will be sent to bank accounts of the SACCOs. There are processes that need to be followed such as completing the process of renewing the certificates, paying Shs 53,000, and submitting evidence to the Ministry of Trade, Industry, and Cooperatives so that the SACCO is still operational,” she said.

Nabadda however attributed the delays for the SACCOs in obtaining the additional seed capital to a lack of cooperation by the SACCO leaders in providing the needed requirements for a SACCO to qualify for the fund.

“The problem is that groups take a long time to present requirements for additional funding. Some SACCO leaders have relaxed to present requirements needed for the SACCOs to qualify for the additional seed capital although we often talk to them about it,” Nabadda said.

She further added that they will be carrying out routine monitoring of the utilisation of the additional seed capital so that it is not misused by the beneficiaries.

Leaders said they will never again lend money to defaulters as guided by the rules and regulations while others said many of the group members will have the chances of benefiting from the fund while others.

Leonard Opio, the Lira Municipality Boda Boda Emyooga SACCO Treasurer said that their profit will now increase since many people will have the chance to borrow any amount of money they ever desired since they were limited when the SACCO first started.

“The Shs 30mln with our savings and shares was not enough for all our members because we would not borrow the real amount we wanted but now that we have been added some money, people who want to get bigger money will now have the chance and we shall add more members to borrow this money so that we can increase our profit,” Opio said.

Jacinta Odiko, the chairperson of Erute South Women Entrepreneurs Emyooga SACCO said that she will hold meetings with her group members to guide them on the usage of money so that paying back is not a challenge as it was experienced when they first got the Shs 30mln.

“When our women in the SACCO got the loan, their businesses started to grow. Many of them lacked capital before Emyooga came. We have been added more money, I will talk to them [women] on how we are going to use the money so that we avoid the earlier challenges when we first got the Shs 30mln. We had challenges in paying back the loan,” Odiko said.

Yoventine Elem, the secretary of Maruzi North Produce Dealers SACCO said they will be keeping records to help them track and follow up defaulters.

“We could not have enough evidence in the first place when we were given the Shs 30mln and we used to lend out money  anyhow. For  everyone who will be benefiting from this money, we shall reach their homes, take photographs with their family members and each spouse will consent that they will put the money to good use,” Elem said.

George Patrick Otile, the Apac Municipal Veterans SACCO loan officer said they will only be giving the money to serious members who have been paying back their loans.

“For us, our principle remains that you clear to zero balance so that you can benefit from this additional seed capital. We shall not care whether only one person is getting the money for as long as they have paid back their loans to zero balance,” Otile said.

Launched in August 2019, Emyooga programme is part of the broad government strategy that is intended to transform Sixty Eight percent [68 percent] of homesteads across the country from subsistence to market-oriented production with the overall objective of promoting job creation and improving household incomes.

https://thecooperator.news/kwania-emyooga-funds-improving-livelihoods-of-pwds/

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