KYOTERA– The Minister of State for Micro-finance, Haruna Kasolo has warned boda-boda cyclists against wasteful spending, urging them to instead spend more on activities that boost their incomes.
Speaking at the opening of Kyotera District Boda-Boda SACCO in Kalisizo town last week, minister Kasolo encouraged the commercial cyclists to develop a culture of saving the surplus, which they can use to invest.
“You should save at least 10 percent of the money you get from the passengers and plan for it if you want to prosper,” the minister said, adding that many boda-boda cyclists waste a lot of their money on alcohol and women.
“As you save part of your daily income, you should form groups and take advantage of the Emyooga programme a presidential initiative on job and wealth creation,” he said.
The chairman of Kyotera district Boda-Boda SACCO, Geoffrey Luwerekera said about 1,500 boda-boda cyclists in the district have been mobilised into the Sacco and saved over Shs 14 million in the last nine months. Individual members, he said, have been borrowing the money to buy motorcycles.
The chairman of boda-boda cyclists in Masaka region, Abdul Senabulya said some of the boda-boda riders earn between Shs 20,000-30,000 on a daily basis.
He said through their associations, members have been mobilised to start side income projects like piggery, poultry, growing of pineapples, passion fruits and coffee farming. “Some riders have developed a culture of saving their surplus than spending on women and alcohol,” he said.
According to records from the Microfinance Support Centre [MSC], a government agency responsible for spearheading the Emyooga programme, about 22 boda-boda SACCOs have been formed in the nine districts that make up the Greater Masaka, with each SACCO receiving seed capital of Shs 30mln.
MSC regional coordinator, Baker Nambale said many leaders of boda-boda Emyooga SACCOs have undergone training in group formation, financial literacy, management and leadership among others.
Kyotera district community development officer, Francis Xavier Mbajjo said about 35 Emyooga SACCOs in different categories at the constituency level have been formed and have received over Shs 1.09 billion.
He said over Shs 1.4bln was disbursed to members of 437 associations under the SACCOs with over Shs 579mln in loans recovered.
https://thecooperator.news/minister-kasolo-challenges-local-govts-on-tax-revenue/
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