The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Less than half of the Savings and Credit Cooperative Societies- SACCOs that the government registered to benefit from the Emyooga Initiative have received the funds.
The initiative aimed at creating jobs and improving household incomes Ugandans in the Boda Boda industry, taxi drivers, restaurant owners, welders, market vendors, women entrepreneurs, youth, persons with disabilities, journalists, performing Artistes, veterans, fishermen and elected leaders among others was launched in August 2019.
Since then, 6,354 SACCOs have registered with the Microfinance Support Center-MSC to access the funds but only 700 with a certificate of registration from the Ministry of Trade have been granted access to the funds.
According to the Head Credit and Investment at the Micro Finance Support Center, Alfred Eboku Ejanu, 102 of these groups are in Busoga while 87 SACCOs are in the Rwenzori region. Another 200 SACCOs they say are in Buganda.
Eboku says, they submitted to the Ministry of Trade 3,500 application forms for SACCOs but only 700 have been cleared yet. He says they are yet to get answers from the Ministry why the process has been slow.
However, Ebuku says government entered a Memorandum of Understanding with Banks to allow SACCOs to open bank accounts under the same names they use to apply for a certificate at the Ministry. This would then enable the government to send the money such that as soon as the certificate is presented, money is released from the Bank.
Haruna Kasolo, the Minister for State Minister for Microfinance says they couldn’t wait for a certificate of registration because they wanted to expedite the process.
He adds that he has planned a meeting with the Minister of Trade to discuss ways to expedite the registration process and clear the backlog in two weeks.
Minister Kasolo also says that the government has so far disbursed 184.870 Billion Shillings out of the 260 billion allocated to the initiative.
He says the money has been disbursed to a total of 5,886 SACCOs across the country out of the targeted 6,354 SACCOs. The SACCOs are distributed in 344 constituencies out of the targeted 353 constituencies in the country.
In the five divisions of Kampala, the Minister says they have disbursed over Shillings 5.76 billion to 190 SACCOs and Shillings 1.560 billion to 50 SACCOs in Kiira Municipality and Shillings 4.91 billion to 100 SACCOs in Wakiso district.
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its fine we thank you for the work done Mr.
but people are crying down in the village of Tororo most especially my group where I am the chairperson( WEST BUDAMA NORTH YOUTH LEADERS EMYOOGA ASSOCIATION) that you have delayed to fund and time is always moving so we beg to try to be fast aa bit
But any way thanks for the program I remain Wyclife Omal
Thanks for the update but why is it that ,
For one to aquire the fund you have to pay first 3% to the main Sacco account before the money is transferred to accounts of the smaller Sacco’s of 30 individuals please enlight me more poverty will persist cause we spent slot paid alot still to pay alot to have the money what’s really wrong
Thanks for the contribution you are giving to the entire country,
But here in kabale we are so confused because we were told that money is on our bank accounts, but can’t be withdrawn why? if there is money, you give to group members if not you announce it to the public so as we dont keep on waiting. thanks
Here in bududa how is our new address
Why is Post bank mbarara postponing our withrawal from our own SACCO ACCOUNT and yet we went through the entire process?
People are badly off and suffering.so when is the president giving emiyoga money.
So glad to see the update but I wish to know some specifications on how much each association should contribute to the SACCO for saving because members of various associations have been confused as our district officials are directing the SACCO executives to continue saving to the bank. In other words, Who should save how much?
We have a chair person called Sharon in our sacco this woman is not felixible it’s now one month since but she has refused to give money to my group .If possible can we manage to change the chair person coz she making the sacco dormant she don’t want to give out the money.
Am the secretary Bubulo east mkt vendors Emyooga Sacco in Namisindwa district, With us after registration, we mobilized the groups & paid savings to our sacco account. The associations submitted loan applications & the sacco loans committee approved them for the loan facility. From there sacco issued a loan disbursement requisition to Manager micro finance, we were immediately cleared & forwarded to DFCU thru RDC. The sacco received the 1st loan of UGX 24610000. The loan was disbursed to associations at a rate of 8% for a duration of 6 months.
The groups paid well their loans as we had trained them. We acquired another loan of UGX 30270000 following the same process & this time many groups joined.
Much appreciation goes govt more especially our dear President for introducing such a good initiative & at least people are getting small loans at affordable rates.
Besides, some Employment opportunities have been generated to us.
My appeal goes to stake holders & the general public to support this program thru sensitisation, mobilizations, repayments & others so as the President’s vision can be achieved.” For God & my country”
Am the secretary Bubulo east mkt vendors Emyooga Sacco in Namisindwa district, With us after registration, we mobilized the groups & paid savings to our sacco account. The associations submitted loan applications & the sacco loans committee approved them for the loan facility. From there sacco issued a loan disbursement requisition to Manager micro finance, we were immediately cleared & forwarded to DFCU thru RDC. The sacco received the 1st loan of UGX 24610000. The loan was disbursed to associations at a rate of 8% for a duration of 6 months.
The groups paid well their loans as we had trained them. We acquired another loan of UGX 30270000 following the same process & this time many groups joined.
From the grant of 30 million given to us by govt, the sacco has 20 million on a/c, 38. 27 million including loan arrears & excluding 8/% interest.
Much appreciation goes govt more especially our dear President for introducing such a good initiative & at least people are getting small loans at affordable rates.
Besides, some Employment opportunities have been generated to us.
My appeal goes to stake holders & the general public to support this program thru sensitisation, mobilizations, repayments & others so as the President’s vision can be achieved.” For God & my country” 0777849730,0751995282
Am in one of the groups in tororo, but I have saved more than any other member.
Will I get the loan bassing on my savings in relation to others ?
Appreciation goes to the government .