UGANDA, Mubende | Real Muloodi News | Recipients who have benefitted from the Emyooga program have lauded the government for launching it because it has helped them eliminate poverty and boost their companies.
When State Minister for Finance Haruna Kasolo toured the region as part of the program’s follow-up, the recipients shared their success stories.
Rosemary Nakayingo, a businesswoman in the Mubende Town Council, had a failing business. When the government created Emyooga in 2020, she opted to use it as her lifeline.
“I joined Kaweeri veterans sacco where I was able to save but also borrow. At first, I borrowed shs1 million but as time went on, I borrowed more and currently, my hardware business is doing well. I was able to buy two cows to rear,” she said.
According to Nakayingo, while many people first resented the scheme, they have come to recognise that it is an easy method to acquire affordable financing from their local Sacco and pay later at reduced interest levels.
“We ask government to inject more money in form of seed capital to our sacco so that we can borrow more,” she said.
Fred Muzira also claims that he could develop his company after saving and borrowing from Mubende salon operator Sacco where he is a member.
While the COVID-19 pandemic had a significant impact on the company, he is sure that the salon would survive because of Emyooga.
Addressing the gathering, Minister Kasolo said that responding to the community problems, the government has agreed to put aside funding for Saccos successfully.
“The president has already given a directive that SACCOs that have performed well should get an additional Shs20 million, “Kasolo said.
He stated that everyone has a responsibility to ensure the Emyooga program’s success and that leaders should work together to support it.
Bashir Lubega, MP for Mubende Municipality, advised critics not to talk negatively about the government scheme, which he claims is helping individuals who cannot access bank funds.
“When we told people that Emyooga was here to help them, many said we were telling lies. It is good they have seen the money would come and the program has made great strides,” Lubega said.
He advised the recipients to keep saving. According to James Mussazi, the Mubende Municipality Commercial Development Officer, the municipality has 17 registered SACCOs for the Emyooga program, which has received USh530 million in seed funding from the government.
He stated that the SACCOs had amassed USh340 million in savings. The initiative is carried out through the Microfinance Support Centre.
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