By Kabagenyi Marion
Masindi Municipality Journalists Emyooga SACCO received an additional UGX 20 million.
The Journalists SACCO located in Masindi Municipality is among the 19 clusters that got a seed capital of UGX 30 million under the Government Emyooga program.
“They were considered because of their good performance, holding annual general meetings, having proper accountability, and sound funds recovery,” said Edward Ziwa Majaju, the SACCO Chairperson.
Majaju called upon the members to apply for the money and utilize it, adding that the members who have been applying for the money have invested it well and boosted their businesses.
Other SACCO’s, including the one for local leaders, produce, taxi drivers, tailoring, and salons, have also received an addition of UGX 20 million.
Recently, Moses Kalyegira, the Masindi municipality commercial officer told the journalist that the cumulative amount of Rs 374 has been recovered from 18 Emyooga SACCOs from Masindi municipality since 2021, said Robinah Nyangoma, the Emyooga focal spokesperson of Emyooga in Masindi municipality.
She noted that Masindi Municipality received sh600 million as seed capital from the government, adding that members from different SACCOs have so far saved a cumulative amount of UGX 328 million.
“So far, they have disbursed loans amounting to UGX 1 billion. Share capital stands at UGX 4,900,000, and UGX 1.9 million has been received from registration,” she noted.
In 2020, while launching the Emyooga program in Masindi, Haruna Kasolo, the state minister for finance, revealed that the government would inject UGX 620 million into each constituency to fund businesses under 19 selected clusters that include Boda-boda riders, salon owners, carpenters, taxi operators, welders, market vendors, journalists, performing artists, and mechanics, among others.
Minister Kasolo explained that” he received a presidential directive to give out additional funds to the Emyooga Sacco’s that have successful managed to run their activities as per the guidelines provided under this program.”
Minister Kasoolo noted that;” Emyooga Sacco’s program runs on the principal of saving, borrowing and returning of the received funds so that other members are able to utilize the funds. Research has been carried out that there are only two avenues of getting rich, one is saving while the other is borrowing. As Ugandans we need to embrace the saving and borrowing culture if we want transform our lives for the better.”