President Yoweri Museveni has said that collecting money little by little and saving it in Savings Credit and Cooperative Organizations (SACCOs) is a big venture because many companies from abroad have developed through such practice.
“This methodology of collecting little, little money and keeping it in a SACCO is a big venture because big companies from abroad, like Bill Gates’, started on small scale and opened to shares,’’ he said.
The President was recently speaking to Nsambya Carpenters, Joinery and Crafts Training Agency SACCO group at Nsambya in Nakawa Division in Kampala Capital City Authority. He said that the group’s SACCO is their bank to which he donated Shs.100 million.
Mr. Museveni gave assurances that the government will what it can between now and September 2017 to acquire land and settle the group that is currently operating on land belonging to Kampala Archdiocese. He thanked the Catholic Church for allowing the group to carry out its activities on Church land. He added that it is government policy to assist groups that are in development activities get places from which to carry out their activities.
The President informed the group that government has spent Shs. 170 million to purchase machines for their carpentry workshop. He disclosed that since 1996 a lot of money that government channelled to Micro Finance and Entandikwa through elected leaders through Micro Finance, among other organizations, in order to help people, has been spent with no apparent work done. He, therefore, advised the people to ask their leaders in their districts the whereabouts of the funds government has been remitting and the projects accruing from those financial remittances.
President Museveni urged people to buy furniture that is made in Uganda instead of making purchases from Dubai and China.
“It is shameful to see that people go to Dubai, China to buy furniture, thereby lending a blind eye to the existence of the same products here,” he noted.
The Group, through their leader, Moses Muleke, thanked President Museveni for the support to their SACCO. He disclosed that working together has made them famous resulting in more sales of their products.
