The State Minister for Microfinace Kyeyuye Haruna Kasolo at the launch of the new Wealth Creation Scheme Emyooga in Masaka

Government To Give Each Constituency shs360M For Emyooga SACCOs

Posted by: Suubi Anne in Uganda news December 2, 2021

The government has finally decided to give each Constituency shs 360m for Emyooga SACCOs. One of the most pressing issues raised by beneficiaries of Emyooga has been the inadequacy of the seed capital.

In the beginning, each constituency received shs560m. Each Sacco then received 30m while elected leaders received 50m worth of seed and capital.

The issue has been that while some SACCOs have manageable numbers, some have very many members. This has been making it so difficult to give out this money because of its inadequacy.

The State Minister for Microfinance, Haruna Kasolo however, revealed that government will inject an additional shs360 million per constituency. This is to ensure each well-performing SACCO receives another shs20 million.

He said they will distribute the additional seed capital to Emyooga SACCOs upon satisfying the set criteria of convening Annual General Meetings.

This includes voluntary and consistent savings, loan recoveries, and observing the 30% savings requirement before a member can access a loan.

“Recommendation of successful SACCOs shall be done by Resident District Commissioners or Resident City Commissioners assisted by District Commercial Officers and Community Development Officers,” Kasolo said.

Justine Nameere, Senior Presidential Advisor on Greater Masaka affairs advised Emyooga beneficiaries to be loyal ambassadors of the program everywhere they go.

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