The minister declared that the mobilization in these two districts beginning today starting with the business category of markets; government has put aside a special budget of 50 billion shillings to support this program.
At least one thousand six hundred Savings and Credit
Cooperative Organizations- SACCOs will each get 30 million shillings as seed capital for a start,
the Minister of State for Microfinance Hon. 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 30 million
shillings as a start to boost their businesses.
He noted that the mobilization in these two districts is to
begin today starting with the business category of markets and government has
put aside a special budget of 50 billion shillings to support this program.
// “Cue in: Kampala ne Wakiso…
Cue out: …obutale obulala n’enkya.”//
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.
// “Cue in: The 30 million…
Cue out: …they come together.”//
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 260 billion shillings to fund this program across the
country, with each constituency receiving 560 million shillings as a grant to
finance the 18 categories created in every constituency.
// “Cue in: The money must…
Cue out: … SACCOS that qualify.”//
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.