Tororo Emyooga Saccos to receive additional Shs20m each, says Minister Kasolo

The State Minister for Microfinance, Haruna Kyeyune Kasolo has said that each Emyooga sacco in Tororo is  to receive shs20 million each in addition to the shs30 million earlier given to them as seed capital from government.

"I want that money released and sent to the accounts of these Saccos. But I want the RDC to write to Microfinance Support Centre indicating the names of the Saccos that he thinks exist and should get the additional shs20 millions. Whether they have permanent certificates, whether they are holding AGMs. If they exist, let them get the shs20 million and  the rest we shall handle,"Kasolo said.

The minister was on Wednesday speaking while monitoring Emyooga program in Tororo District.

Kasolo however encouraged  Saccos to prioritise  getting permanent certificates.

"Because government has ordered that you receive this addition seed capital, that shouldn't stop you from getting your permanent certificates."

He  emphasized that the government will continue to invest in the initiative despite challenges in recovering funds from defaulters.

He encouraged defaulters to repay their debts so that other members can benefit from the initiative.

The minister also declared full independence for members to manage their Saccos.

"From today on wards, am giving you independence, manage your Sacco affairs internally. Don't disturb the commercial officers, don't disturb RDCs."

"The independence am giving you doesn't stop the commercial officer from monitoring you. Therefore, when he comes to you, dont deny him the information. The commercial officer is supposed to know whatever you're doing.”

He urged them to create Saccos from clusters that haven’t create them and claim their money because money is there for them to take and use.

"Other Constituencies got money for 18 Saccos, for you, you got less, because some Saccos were not made. Make sure other Saccos are created, and once they're created, go to Microfinance Support Centre and ask for money.”

He  urged locals to shun getting loans from moneylenders.

"The moment you see many money lenders in your area, just know the sign of poverty has come. Where there's too much poverty, that's where they stage."

Emmanuel Otala, the Member of Parliament for West Budama South, urged his constituents to use Emyooga funds prudently, emphasizing that it is the sole means to uplift their lives.

Performance

The report presented by the District Commercial Officer, George Etyanga indicated that in West Budaama South Constituency 14 saccos that received Emyooga cash saved shs267 million.

The report indicated shs758 million was lent out and of this, shs267 million has been recovered.