Emyooga: 1,600 SACCOS to Get UGX30 million Each in Kampala and Wakiso

At least one thousand six hundred Savings and Credit Cooperative Organizations- SACCOs will each get UGX30 million as seed capital for a start, the Minister of State for Microfinance Haruna Kasolo Kyeyune has revealed.

Speaking to journalists at the Uganda Media Center, Minister Kasolo said SACCOs that are to be generated and qualified by the microfinance support center in Kampala and Wakiso districts will each be given UGX30 million as a start to boost their businesses.

He noted that the mobilization in these two districts was meant to begin yesterday starting with the business category of markets and government has put aside a special budget of UGX50 billion to support this program.

The categories that are supposed to benefit include the Boda Boda riders, women entrepreneurs, carpenters, salon operators, taxi operators, restaurant owners, welders, market vendors, youth leaders, persons with disabilities, mechanics, tailors, journalists, performing artists, veterans, fishermen and local leaders.

He added that each of these categories must form a SACCO in the constituency which will be supported and then keep adding their savings. He however emphasized this program does not mix with politics.

Petronella Masika, Acting executive director of Microfinance Support center urged Ugandans dealing in these different businesses to embrace this platform to improve on their standards of living. 

Besides Kampala and Wakiso, Kasolo said the government of Uganda has set aside UGX260 billion to fund this program across the country, with each constituency receiving UGX560 million as a grant to finance the 18 categories created in every constituency.

Validated associations
A total of 190,710 Emyooga parish based associations have been mobilized across the country with 70,133 SACCOS which have been validated. He said the number of registered associations is set to increase since many of them are in advanced stages of registration process. 

In 2019 the President of Uganda initiated a special program called presidential initiative on wealth and job creation to address the challenge of limited access to cheap capital by the poor. It targets organized groups formed around 18 specialized enterprises.