MSC disburses over Shs 600bln to Ugandan enterprises
LIRA– The Microfinance Support Centre [ MSC ] has in a report enumerated its successes and challenges since its inception two decades ago to be a source of cheaper loans for small businesses that face challenges in accessing capital from commercial banks.
The government-owned MSC in the reports indicates that it has disbursed Shs 600 billion to Ugandan enterprises, with Shs 82bln disbursed under Islamic banking.
According to the report read during the regional celebration of 20 years of offering financial services held days ago at Lira City, they extended financial services to 14,188 institutional clients and 9,652 SACCOs.
MSC in its report says 99,807 managers heading SACCOs were trained including those in Emyooga SACCOs as well as working with 53 farmer groups with a total membership of 1,590.
The head of finance and administration at the MSC, John Mwebembezi said soon or later the institution will disburse money to the different groups in Lango and Acholi Sub-region.
He thanked people for appreciating their services, saying MSC is a government institution targeting to improve people`s livelihood, especially those involved in any business form of activities.
“Whether you are a farmer, bodaboda, or market vendor, you are the people we are interested in so that you can improve livelihoods by improving your incomes,” he said.
“We wise to invest more and more in this region compare to other regions because the rate of absorption in this area has been so low and many people have not been organised,” he said.
He urged people to come together in groups, start serving and begin borrowing money among themselves.
“We want you to be active in the economy and do something that can improve your livelihood,” he advised.
During the event to mark 20 years of MSC existence, a number of Emyooga SACCO leaders were concerned over the delays in the release of funds after the completion of the first loan payment.
Samuel Opiyo, the chairperson of Ticadaa group in Omoro district said, they received Shs 30 million and after completing the repayment, they applied for Shs 50mln.
“We completed and we applied for another loan but since then we have not received any money and we don’t know what is happening,” he said.
Betty Akello, the chairperson of another group in Lira city also expressed disappointment over the delayed disbursement of the funds.
Paul Ojuka, the chairperson of Can Opwonyawa Group located in Lira Produce Lane in Lira city said they got Shs 40mln two years ago and completed its repayment.
“We applied for Shs 80mln and it was Shs 50mln approved. We signed all the documents for receiving the money, but till now we have not seen any coin,” he said.
https://thecooperator.news/msc-advises-emyooga-groups-to-build-culture-of-saving/
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