Emyooga SACCOs to create 2mln jobs next financial year

KAMPALA-Government intends to create two million direct and indirect jobs from the Emyooga SACCOs come next financial year, which begins on July 1, 2023.

The Minister of State for Microfinance, Haruna Kasolo made the remarks days ago while meeting with Parliament’s Committee on Finance, Planning and Economic Development.

Kasolo had led a team of senior staff from the Microfinance Support Centre [MSC] to present the institution’s budget for the financial year 2023/2024.

MSC, a government agency, is in charge of disbursing funds to Emyooga SACCOs formed under the Emyooga Programme established in 2019 for wealth and job creation at constituency level.

Minister Kasolo said MSC intends to give out more money in the next financial year to different Emyooga SACCOs to establish economic ventures.

“We intend to give out money that will help people start business, and by starting business, they will have created their own jobs,” he said, adding that 974,831 employment opportunities were created in the country in the current financial year.

However, the MPs tasked MSC officials to explain the nature of jobs to be created during the next financial year.

“Can we have a brief explanation on how this will be done? If we are around 42 million people and next year alone we intend to create two million jobs, this will really be good news,” said Ibanda North MP Xavier Kyooma.

According to MSC, by December 2022, seed capital of Shs 45.9bln had been approved, benefiting 2,295 Emyooga SACCOs with 68,850 individual beneficiaries.

More, MSC officials said a total of 1.3 million individuals from parish-based associations and 46,112 SACCO leaders were trained in enterprise selection, mindset change and record keeping among others.

Emyooga Programme was launched as part of the broad government strategy targeting to transform 68 percent of homesteads from subsistence to market-oriented production with the overall objective of promoting job creation and improving household incomes. The initiative covers majority of the hitherto, financially excluded Ugandans engaged in similar specialised enterprise categories.

https://thecooperator.news/emyooga-saccos-urged-to-apply-for-permanent-registration-2/

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