OTUKE- Otuke East Boda Boda Emyooga Sacco in Otuke district is reportedly performing extremely well and members have started reaping the benefits.
According to authorities and Microfinance Support Centre [MSC], the Sacco located at Otuke town council received seed capital of Shs 30 million and they have so far accumulated savings of Shs 50mln within a short time.
Samuel Onyanga, the chairperson of Otuke East the SACCO, said their success is counted on frequent meetings, accountability, commitment, and transparency.
“We tried other SACCOs, but it didn’t work out as we expected but when the President [Museveni] introduced Emyooga, we reorganised ourselves and benefitted from the seed capital,” Onyanga said.
Ray Agang, a member said he borrowed Shs 2mln and invested in goats business and later realised a good saving of Shs 7mln.
Daniel Obol, the secretary of the boda boda Sacco also attributed their success to proper recording keeping, accountability, and commitment to role and responsibility.
Early this month in the celebration to mark 20 years of MSC financial services, the Lira and Gulu zonal manager, Mable Nabadda said, Emyooga Sacco was performing fairly well more than other Saccos.
She said since the inception of the Emyooga programme, MSC had disbursed Shs19 billion as seed capital to support 3107 groups and 44.714 individuals but they managed to recover only Shs 4.6bln.
She highlighted challenges as political interference in Emyooga activities, clients’ failure to submit quarterly performance reports, failure by clients to provide accountability, and poor mindset by some of the beneficiaries.
The district commercial officer, Charles Opio said most of the Saccos in the district were fairly doing well but there is political interference.
The deputy Resident District Commissioner, John Basalirwa, said there is a need for sensitisation on Emyooga programmes and how to utilise the funds.
https://thecooperator.news/msc-advises-emyooga-groups-to-build-culture-of-saving/
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