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Market vendors tipped on SACCO formation

Hoima oil-City authorities have challenged vendors operating in different markets in the area to form Saving and Credit Co-operative Societies (SACCOs) as one way of improving their economic status.

This call was made by Hoima Resident District Commissioner (RDC), Samuel Kisembo Araari while launching the construction of 14 modern market stalls at Karongo market in Bujumbura, Hoima west division. 

Kisembo explained that a SACCO would help to unite the vendors and enable them to push for their development agenda and eventually empower them to manage the market on their own.

“I am going to come back here with the commercial officer to train you on how to form a SACCO. We need to give vendors capacity to develop and manage their markets, but this cannot be achieved if they continue to work as individuals,” he said.

He also noted that, with a SACCO, they would be able to lobby the government to build them a modern market through which they could tap into opportunities in the upcoming oil and gas sector.

“There is money under the Albertine Region Sustainable Development Project and the Uganda Support  Municipal Infrastructure Development (USMID) Program, so if they get well organized, we can use it as starting point to lobby for the money to develop this market because Karongo market is very strategic.”  

Grace Mary Mugasa, the acting Hoima oil-City Mayor, said that the city is implementing a public-private partnership policy in developing markets, adding that vendors can benefit from it if they come together.

“The public can partner with government to construct market stalls and lockups after signing an agreement under this policy. Our market vendors need to form an association to benefit from this program, which would be difficult for an individual to get,” she said, adding that such an association would find it easier to acquire loans from the Microfinance Support Center to boost members’ capital.

James Byaruhanga one of the vendors at Karongo market commended the government for the construction of the modern stalls and promised to mobilize his peers to discuss how to realize their leaders’ call for them to form a SACCO.

According to Swale Kajuma, the Hoima city Production Officer, 20 market stalls have so far been constructed at Kibingo market, and 14 at Kikwata market, all at Shs 50m. He says that the initiative is aimed at encouraging vendors to embrace the use of markets to improve on their lot.

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