FORT PORTAL, September 21, 2023 – The Banyangabu Veterans’ Emyooga SACCO in Bunyangabu district in Western Uganda expects to earn more income after getting a contract from the Ministry of Defence to supply maize to the Uganda People’s Defence Forces [UPDF].
According to Expedito Mwesige, the SACCO chairman, after retiring from the army, members decided to form an association to enable them to live better lives through engaging in activities such as saving, and commercial farming.
The SACCO, according to Mwesige, comprises 36 groups with a total of 798 members. He said each member paid Shs 100,000 as share capital and that their savings have increased to Shs 6 million.
He said when the Emyooga Programme was launched in 2019, their SACCO got Shs 30mln seed capital, but they would also get a grant of Shs 128mln from the Ministry of Defence, which they invested in maize growing.
“We used the seed capital to organise ourselves and apply to the Defence Ministry for a grant of Shs 128mln that we have invested in maize growing…We have signed a deal with the Defence Ministry to sell them our maize,” he said, adding that the profit made from selling the maize is shared as dividends among the SACCO members.
He said the SACCO has acquired 300 acres of land for maize growing, having entered into a memorandum of understanding with the Defence ministry, and hopes the yields will be high to enable them to earn more from the maize as they do business with the UPDF.
The Baunyangabu Resident District Commissioner, Joshua Kisembo Masereka commended the UPDF retirees for engaging in commercial agriculture, which he said has enabled them to get a contract from the army.
Banyangabu Veterans’ Emyooga SACCO leaders shared their progress days ago during the Emyooga SACCOs leaders’ exchange visits organised days ago by the Microfinance Support Centre [MSC], a government agency in charge of managing loans given to Emyooga SACCOs.
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news