Katakwi SACCOs Receive Emyooga Money
KATAKWI – Katakwi district has revealed that close to Shs 1.5 billion has been disbursed to different Savings and Credit Cooperative Societies (SACCOs) in the district as part of the Emyooga presidential initiative on wealth and job creation.
The Emyooga initiative that started last year targets Ugandans especially in the informal sector who come together in form of SACCOs under 18 clusters including boda-boda riders, taxi drivers, restaurants, welders, market vendors, women entrepreneurs, youth leaders, people with disabilities, journalists, performing artistes, veterans, fishermen, and elected leaders.
Each of the SACCOs receives Shs 30 million as seed capital, save for the private teachers and leaders that receive Shs 60 million and 50 million each respectively.
Patrick Todi, the Katakwi district commercial officer said they have achieved success in the past few months the program has been in existence.
“As of June 30th, 2021, one billion four hundred thirteen thousand, three hundred seventeen thousand (1,413,317,000), had been disbursed to 194 associations spread in three constituencies of Ngariam, Usuk and Toroma,” Todi said.
He noted that to date, a total of 51 SACCOs and 513 parish-based associations have been formed.
“The leaders from the Emyooga SACCOs that have benefited have so far been trained in the areas of financial literacy, savings among others,” he said.
Todi further said, the 51 SACCos have so far saved a tune of four hundred seventy-two million, two hundred twelve thousand shillings (472,212,000) in a space of nine months.
However, unlike other programs that have failed despite the many years of their existence, Emyooga is destined for more success.
“As Katakwi district, we commit that this program will not fail and collapse in our hands. We have the capacity through our network to know the people’s economic lives and this gives us the confidence to deliver the program to its success.”
According to Omolo Geoffrey, the Local Council chairman of the district, Emyooga program has taught members of the public how to save money for development.
https://thecooperator.news/poor-saving-culture-frustrating-emyooga/
“People have the money to save but don’t have a saving culture. Emyooga has taught them how to save. Saving is good because if people don’t save, they won’t do business since they will lack capital but will also have no purchasing power,” said Omolo.
He said that the notion that the government is a supply entity for everything as people wait to be given is wrong as people can work for their own.
Ekoom John Stephen, the Resident District Commissioner [RDC] said, the program will help people get out of poverty but also raise some capital for their businesses.
“This program presents an opportunity for people who have started small businesses to scale them up through affordable finances. If people join this program, in future we will have more tycoons,” Ekoom said.
“There is a lot of money floating among Ugandans but the problem is that they don’t plan on how to use it. With Emyooga, you can save a little and then borrow to put in your business.”
Ekoom warned that the Emyooga money is not for eating but rather borrowing and repaying at a small interest as agreed upon by SACCO members.
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