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Minister tips boda boda riders on saving culture

SOROTI, November 7, 2023 -Members of Boda Boda Emyooga SACCO in Soroti City have been urged to save if they want to create a strong capital base for their SACCO.

The advice was given days ago by the Minister of State for Microfinance,  Haruna Kasolo Kyeyune who was in Soroti City to monitor the implementation of Emyooga Programme.

The minister said  Soroti City has 1,921 boda boda riders who can be one of the biggest money lenders in the area only they could learn how to save Shs 2,000 daily. The city has only 493 boda boda riders benefiting from Emyooga Programme.

“If you can maintain saving Shs 2,000 daily, at the end of the 12 months you will be able to smile with about Shs 355 million in your SACCOP account,” Kasolo said.

He challenged people to have confidence in themselves, saying it not good for one not to believe in him/herself.

Kasolo on the other hand advised the Soroti city officials not to only rely on their salary but interest themselves in the agricultural credit facility (ACF) to do commercial agriculture, saying ACF offers loans at an affordable rate of about 10 percent per annum.

Martin Akorikin, the National Coordinator Emyooga for Teso Sub-region, said Shs 160mln is still stack in the bank accounts because of ignorance of the would-be beneficiaries of Emyooga Programme.

For instance, he said members of Mechanics’ SACCO in Soroti City, have refused to utilise the funds so far three years down the road.

“I have discussed with manager microfinance support center and waiting for permission to withdraw that money and give it to those Emyooga SACCOs that are interested,” he said.

The Emyooga Programme is a presidential initiative 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.

The initiative is centered on various 18 categories/enterprises covering majority of the hitherto, financially excluded Ugandans engaged in similar specialised enterprise categories such as mechanics, boda boda riders, taxi drivers, salonists, restaurant owners, journalists, welders, plumbers, and carpenters among others. .

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