KAMPALA – Government through the Finance ministry has approved Shs 134 billion to be given as additional seed capital to 6,721 best performing SACCOs across the country.
The ministry in an update released on Wednesday in Kampala said each of the selected SACCOs will receive Shs 20 million to further boost their businesses, having received Shs 30mln each at first, even though SACCOs owned by elected leaders received Shs 50mln.
The ministry notes that by the end of March 2023, Shs 259.1bln had been disbursed by the Microfinance Support Centre [MSC] to 6,721 Emyooga SACCOs with savings of Shs 76.3bln.
The MSC executive director Peter Mujuni said the extra money is given based on demonstrable capacity to utilise the funds, putting the previous money to good use, proper financial management, keeping a list of borrowers’ repayment schedules, regular executive meetings, and good business management practices.
He said Emyooga SACCOs that are currently not doing well have the capacity to improve and benefit from additional funding.
“Currently, we have a number of SACCOs that have progressed faster than others. They have good financial management skills, keep records and have demand for extra capital,” he was quoted in the local media as saying.
According to Mujuni, 607,018 individuals individual beneficiaries have accessed funds from Emyooga parish-based associations of which 45 percent were women. The MSC official says Shs 80.28 has been repaid by members.
President Yoweri Museveni in November last year directed that Shs additional 20mln to each of the SACCOs to boost their businesses.
Launched in 2019, Emyooga Programme is a Shs 260bln Presidential initiative on wealth and job creation. The programmes targets Ugandans engaged in specific and specialised enterprises in the informal sector.
The enterprises/ categories include boda boda riders, carpenters, taxi operators, welders, journalists, artists, veterans, elected leaders, youth, and women among others in need of improving their household incomes.
Some of the best performing Emyooga SACCOs cited include Ruhinda Constituency Veterans’ Cooperative Savings and Credit Society Limited, Okoro Constituency Welders SACCO Limited, Kumi County Market Vendors SACCO, Bufumbira East Fishermen Emyooga SACCO, Orugo County Market Vendors SACCO, West Budama South Fishermens SACCO, and Tororo County North Fishermen’s SACCO Limited.
Others are Luuka North Market Vendors SACCO Limited, Pallisa Constituency Produce Dealers SACCO, Kyaka Central Performing Artists SACCO, Kyotera County Produce Dealers SACCO, Kakuuto County PWD SACCO, Kiboga West Tailors SACCO, Moroto Women Entrepreneurs SACCO and Lira Municipality Boda Boda SACCO.
https://thecooperator.news/lango-govt-injects-shs-74bln-in-emyooga-progamme-pdm/
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