The Finance Minister, Matia Kasaija has said the Emyooga presidential initiative on wealth and job creation under the Microfinance Support Centre will help people get out of poverty but also raise some capital for their businesses.
Speaking during a stakeholders’ engagement meeting for Emyooga program on Friday at Royal Suites hotel in Bugolobi, the Finance minister applauded MSC for a job well done.
“This program presents an opportunity for people who have started small businesses to scale them up through affordable finances. If people join this program, in future we will have more tycoons,” Kasaija said.
“There is a lot of money floating among Ugandans but the problem is that they don’t plan on how to use it. With Emyooga, you can save a little and then borrow to put in your business.”
Kasaija however warned that the money in Emyooga is not for eating but rather borrowing and repay at a small interest as agreed upon by Sacco members.
The Emyooga initiative that started last year targets Ugandans especially in the informal sector who come together in form of Saccos under 18 clusters including Boda boda riders, taxi drivers, restaurants, welders, market vendors, women entrepreneurs, youth leaders, people with disabilities, journalists, performing artists, veterans, fishermen, and elected leaders.
Each of the Saccos receives shs30 million as seed capital, save for the private teachers and leaders that each receives shs60 million and 50 million respectively.
In his speech, John Peter Mujuni, the Microfinance Support Centre Executive Director said they have achieved success in the past few months the program has been in existence.
“As of April 2021, shs200 billion had been disbursed to Saccos spread in 347 constituencies and 146 districts across the country,” Mujuni said.
He noted that to date, a total of 6394 Saccos have been formed and a total of 205710 parish-based associations.
“A total of 1,439,970 members in the parish-based associations and 42,707 leaders from the Emyooga Saccos have so far been trained in the areas of financial literacy, savings among others.”
