Masaka Emyooga beneficiaries laud govt for providing seed capital
MASAKA– Women, journalists and youth leaders of Emyooga SACCOs in Masaka City have praised the government-owned Microfinance Support Centre [MSC], saying the money received as seed capital from the agency to do business has changed their lives.
Emyooga is a Presidential Initiative on Wealth and Job Creation launched in August 2019 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.
Like in other parts of the country, Emyooga SACCOs in Masaka City got seed capital of Shs 30 million each to begin their businesses and are now reporting progress in terms of savings, loan re-payment and good leadership.
The chairperson of Nyendo-Mukungwe Youth Leaders’ SACCO, Henry Nsubuga says their membership has increased from 76 to 120 while savings have also increased to Shs 42mln.
He adds members have invested in small-scale enterprises such as poultry, piggery, rabbit rearing, restaurants, cosmetics selling and boda boda, which prompted the SACCO leadership to give out a total loan of Shs 79mln between January and September this year, with Shs 20mln already recovered.
”A big number of young people who were jobless and lacked access to financial support have benefited from the Emyooga funds and their livelihood has increased,” he said.
However, Nsubuga has appealed to MSC to continue sensitising Emyooga SACCO members, arguing that some of the people still think the money received under the programme is a gift to them from President Museveni.
He adds some members still have a poor saving culture, lack management skills and take long a period to pay back their loans. ”If they are guided on financial management, members can be able to raise money and quickly pay back the loans,” he said.
Meanwhile, Masaka City journalists who received the Emyooga funds to develop themselves say they now have side incomes on top of the meagre salaries earned from their media houses.
The chairman Nyendo-Mukungwe Journalists SACCO, Issa Aliga said their SACCO with a membership of 75 journalists received seed capital of Shs 30mln and has disbursed Shs 28mln to projects like poultry, piggery, cattle and coffee farms.
He said savings amounting to 8.5 million have been mobilised.
”Journalists have utilised the funds to improve their lives. They are sustaining their families with a double income because of Emyooga,” he said.
He said some journalists have used the funds to buy tools like cameras, recorders and laptops, which are important in their daily work.
The chairman Kimanya-Kabonera Elected Leaders SACCO, Anthony Ssembuusi said the SACCO has grown from 90 to 441 members. With a seed capital of Shs 50mln, he said they have realised Shs 256mln in savings.
The MSC Regional Coordinator of Emyooga programme in Masaka area, Baker Nambale said some of the best performing SACCOs in constituencies of Nyendo-Mukungwe, Kimanya-Kabonera were given computers to keep their financial records.
He said MSC disbursed a total of Shs 12.2 billion seed capital to 391 SACCOs in Greater Masaka and more than Shs 6bln has been mobilised among groups in the SACCOs.
The Manager MSC in Masaka region, Samson Magala said they have further mobilised successful SACCOs, trained them in financial literacy and guided them to develop their action plans for successive activities as they get ready to acquire permanent registration and licenses as per section 25 part 55A[3] of the Cooperative Societies [Amendment] Act 2020.
Emyooga programme falls under the Tier 4 Microfinance Institutions and Moneylenders Act, 2016 as well as the Cooperative Societies [Amendment] Act, 2020.
https://thecooperator.news/emyooga-registering-successes-in-lango-acholi-msc-official/
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