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Wakiso District Seeks Special Development Fund for Sacco's

Alfred Eboku Ejanu, the head of credit and operations at the Microfinance Support Centre, says that during their years of operations in Wakiso district, they have established that the population in Wakiso has unique challenges which need special focus and treatment.

Audio 4

The Microfinance Support Centre is courting the government to establish a special development fund to support financial institutions, community saving groups and cooperatives in Wakiso District.   

Alfred Eboku Ejanu, the head of credit and operations at the Microfinance Support Centre, says that during their years of operations in Wakiso district, they have established that the population in Wakiso has unique challenges which need special focus and treatment.

Ejanu explains that a number of people in Wakiso greatly contribute to the country’s economy but do not have affordable financial support to keep their businesses running.   

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He adds that although statistics indicates that Wakiso contributes about 20.4 percent of the country’s Gross Domestic Product, yet the Micro Finance Support Centre has have only injected 10.5 billion Shillings in the district, which allocation has had no impact so far.

To him, Wakiso district cannot be treated like other districts, if it is to make a great significance.    According to records, Wakiso has a total of 1,020 cooperative societies, 56 per cent of which are Savings and Credit Cooperative Societies-SACCOs. Ejanu notes that if their proposal is accepted they would like to pump a minimum of 50 million Shillings in each group for the start.    

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Moses Mabala, the Wakiso District Commercial Officer, says they highly welcome the idea given the fact that several groups at different levels have been in dire need of financial support to keep them running. he however adds that if there is any support, it should be directed to only legally registered and active groups.   

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However, Matia Lwanga Bwanika, the District LCV Chairperson warns that although there is a need to support people in Wakiso, many of the groups need to be reminded that their formation is not aimed at soliciting financial handouts but however a move to support members to grow.  

In the same development, Leonard Okello, the CEO of Uhuru Institute for Social Development, equally said that many SACCOs and lower level self-support groups are looking for quick benefits than thinking of investments that can spur individual development.    Okello says there is a need to re-orient members of the different saving groups and cooperatives before the said development fund is created.  

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The Microfinance Support Centre was set up in 2001 to manage micro-credit funds on behalf of the government to make it possible for the active poor to increase their household incomes through extension of affordable financing to SACCOs and other groups. The is already running a special fund for teachers’ SACCOs and self-help groups.