MSC trains Omoro Emyooga SACCOs in records and financial management
OMORO – Leaders and some members of six Emyooga SACCOs in Omoro district have received training in records and financial management so that they can effectively utilise the funds disbursed to them by government under Emyooga Programme.
The training of the SACCO stakeholders was conducted days ago by the government-owned Microfinance Support Centre [MSC] at Omoro Sub-county Community Hall.
The SACCOs trained include Omoro County Taxi Operators SACCO, Omoro County Leaders’ SACCO, Omoro County Mechanic SACCO, Tochi County Leaders’ SACCO, Tochi County Welders’ Cooperative Saving and Credit Society Ltd and Tochi County Tailors SACCO.
Henry Opio, the MSC relationship officer who doubles as the Emyooga focal point person for Acholi Sub-region said it is necessary for Emyooga groups to get knowledge in financial management so that they don’t misuse the funds meant for business.
“We are training these SACCOs at this time because they have just received their Shs 30 million seed capital and we don’t want them to fall victim to misusing the money. We want to have the best SACCOs in Omoro district so that they can be references for good performances,” Opio said.
Opio advised the Emyooga group leaders and members to keep records of every activity in their various SACCOs and use the money appropriately.
“Keep track of your expenses, do not give out personal savings as loans because it helps us collaterals when acquiring loans, avoid gambling, and keep your record very well for easy accountability and growth of the SACCOs,” he said.
Charles Opio, a loan committee member of Omoro County Elected Leaders SACCO said that the training was timely since they have not yet used the Shs 50mln seed capital received. Unlike other Emyooga SACCOs that receive Shs 30mln, SACCOs for elected political leaders receive Shs50mln.
Opio added that the knowledge gained from the training on financial and records management will help them to train other small associations that belong to the SACCO.
“We will be using the same knowledge gained to train some other small associations that we belong to as we implement proper records and financial management in our SACCO,” he said.
Bosco Acellam, the chairperson of Tochi County Welders’ Emyooga SACCO said the knowledge gained from the training will help them use the money wisely and develop their SACCO.
“The training will help us avoid misuse of funds, we want to be the best so that we can attract the president of the country to give us more funds,” he said.
Meanwhile, Denis Okello, the secretary of Omoro Taxi Operator SACCO appealed to MSC to give SACCO leaders training manuals on financial literacy so that they keep on referring to them for better performance.
“They should give us handouts so that we can understand all the processes of financial literacy and records management that will eventually enable us to perform better,” he said.
A presidential initiative on wealth and job creation, Emyooga was launched in August 2019 as part of the broad government strategy targeting to transform 68 percent of Ugandan homesteads from subsistence to market-oriented production with the overall objective of promoting job creation and improving household incomes.
The initiative is centered on 18 enterprises covering majority of the hitherto, financially excluded Ugandans engaged in similar specialised enterprise categories. It targets salon operators, welders, boda boda riders, taxi operators, journalists, restaurant owners, and tailors among others.
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