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Kasolo said it is high time Ugandans embraced the saving culture but noted salary earners ought to think outside the box.
“Try as much as you can to start a daily income-generating activity. Salary is useless. That is why it is withdrawn the moment it hits the account. Use your salary to start a daily income-generating activity. Even if you get shs100 million a month, you will mortgage it. You will use it to service loans you borrowed before you received your salary. And you will be in that cycle forever,” Kasolo said.
He advised people to use their salary to start up businesses. According to him if one must get a loan, that loan should be able to make money the next day.
“But there are those workers who even don’t mind about salary. They have other activities. Use part of your salary to start a business. Don’t go for loans. Some of you go for a short-term loan, then put it in a long-term investment. Get a loan and start a business that will bring you money the following day.”
The Minister further emphasized the idea of saving. He challenged the people to always save first before spending. He says saving can enable people to get cheap credit from Emyooga SACCOs and avoid the banks and moneylenders.
“You will get capital from savings and credit from Emyooga. You don’t require a lot of money to start a business. I am Minister for Microfinance but if you find me home, you cannot believe I am Minister. I am a farmer, I have people to fry chapati, I am in bodaboda business, I am in taxi business, I am in poultry business, but for you, you have that pride; you say I cannot fry chapati.”
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