MASINDI – Emmanuel Kiiza Aliba, the new chairman board of Microfinance Support Centre (MSC) has commended Masindi district authorities for the proper implementation of the Emyooga program.
Aliba is in Bunyoro sub-region on a fact-finding mission, to see how the Emyooga program is preforming.
Yesterday, he had an impromptu closed-door meeting at the Resident District Commissioners (RDC) office with a section of Masindi district leaders including Rose Kirabira, the RDC, Pamela Nyakato Secretary for Finance, Moses Kalyegira the District Commercial Officer (DCO) and the Municipal Commercial Officer.
“He came with the impression that the money had been disbursed but still stuck on the district accounts. But he was surprised to find that Masindi district had given out 98% of the money to the beneficiaries. He told those in attendance of the meeting that in other districts in the region, they have given out only 10% to the beneficiaries. He took it as a success for Masindi,” explained Moses Kalyegira, the Masindi District Commercial Officer while speaking to theCooperator in his office on Tuesday.
Kalyegira noted that Masindi district received Shs 1.68 billion, adding that Shs 1.48 billion has been disbursed to 54 Savings and Credit Cooperative Organizations (SACCOs) which were formed in the entire district to benefit from the program.
https://thecooperator.news/nine-saccos-cleared-to-receive-emyooga-funds-in-masindi/
He also explained that Shs 536 million has been realized as savings from the 54 SACCOs and Shs 130 million has been recovered from the beneficiaries.
“We would be doing better than this but we have been disrupted by the lockdown and the long dry spell we have experienced because many people have made losses. But I am optimistic that when the situation normalizes, we are going to do much better than this,” Kalyegira said.
He also indicated that they have a challenge of big SACCOs with many associations explaining that the Shs 30 million is too small for the members to do something tangible.
He highlighted categories like the Boda-bodas, market vendors, produce dealers among others.
Back ground
Emyooga is a Presidential Cluster Initiative on Wealth and Job Creation which was introduced in 2019.
In Bunyoro sub-region, it was officially launched in July last year by the State Minister for Microfinance, Haruna Kyeyune Kasolo in Masindi district.
The 19 clusters selected to benefit from the program include Boda-boda riders, salon owners, carpenters and taxi operators, welders, market vendors, journalists, performing artists, mechanics among others.
Under the project, each enterprise group with a minimum of 30 members is supposed to receive up to Shs 30m in funding, which is accessed as a revolving fund by members to boost their respective income-generating ventures, at the interest rate of as low as 5% annually.
In Masindi, for a beneficiary to get money, he or she should have saved 30% of the money he or she wants.
Buy your copy of theCooperator magazine from one of our countrywide vending points or an e-copy on emag.thecooperator.news
Views: 1
