Shs 496mln unused as it remains held in Lira Emyooga SACCO account
LIRA – At least Shs 496 million accumulated as interest under Emyooga programme in Lira district is lying idle in a bank account as some borrowers from the Savings and Credit Cooperative Societies [SACCOs] have kept away.
Lira District Commercial Officer, Santos Olade, said the government in 2021 disbursed Shs1.59 billion for 51 categories of SACCOs established in the district and Lira municipality.
The seed money has since generated resounding interest of Shs 496mln and that 9,685 people have benefitted since its inception, with three SACCOs registering successes despite challenges.
“We registered 984 associations but some were dropped but when we received the money we started giving it out to qualified groups,” Olade said, adding that they requested them to repay back at the interest rate of 3 percent after four months.
“Government released Shs1.59bln but as I talk now, what we have given out is Shs 2.9bln, which means the money has accumulated,” he said.
He said for Lira Municipality, they have remained with Shs184 mln, Erute North [Shs124mln], and Erute South Shs [162mln].
“We are still remaining with some money to be given out and any time you can come and get it provided you follow the guidelines,” Olada said.
He said 399 associations under SACCOs benefited from the revolving funds. Of the three constituencies that received the money, Lira Municipality SACCO was the best followed by Erute North and last Erute South.
He added that the government gave each association Shs 30mln but that restaurant owners’ SACCO in Lira Municipality has so far given out sh140mln in loans.
“I don’t know why restaurant owners’ SACCO is leading in all these three constituencies,” Olade said, adding that the worst performing was the boda boda (Erute Noth) and persons with disabilities from Lira Municipality and Erute South.
Patrick Okello, a produce dealer said, the programme registered a small success though some people were disqualified.
https://thecooperator.news/51-saccos-in-lira-get-emyooga-funds/
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