Successful Emyooga Groups to receive an extra 20 million shillings
The State Minister for Finance, Planning, and Economic Development Haji Haruna Kasolo Kyeyune has announced that the government will in the next financial year give an extra 20 million shillings to excelling Emyooga groups and Savings and Credit Cooperative Organizations-Saccos across the country.
Kasolo says the additional funds are meant to boost the seed capital for the beneficiaries.
While meeting district leaders in Kasese District on Thursday, the minister said that he has been directed by the President to give out additional funds to groups that have adhered to the program guidelines.
He noted that the success of Emyooga is measured by the repayment and savings levels of the beneficiaries. Kasolo was, however, quick to note that there was still low savings and average recoveries of the funds.
The minister encouraged the Emyooga Sacco members in the district to increase their saving culture and recover the funds so that they can be able to qualify for the additional funds.
He also discouraged beneficiaries of the Emyooga program from joining the Parish Development Program.
Simon Kasereka the Kasese District Commercial Officer noted that there remain challenges of poor topography that hinders timely monitoring, lack of proper information for lower local government leaders, and limited financing to the commercial officers.
According to Mercy Muhindo who heads the Bukonzo West Women Entrepreneurs Emyooga Association, they have 42 groups and these have managed to increase Sacco’s savings to a tune of three million shillings within a year.
Muhindo told the minister that members of the cooperative have improved their incomes but appealed for means of transport to ease mobility to the hard-to-reach areas.