President Museveni has hailed Emyooga program for making tremendous achievements in encouraging people save.
“Emyooga is now doing well and about four million people have joined. They were telling me they have got a saving of shs76 billion,” Museveni said.
The president applauded mobilisers supervised by the State Minister for Microfinance, Haruna Kyeyune Kasolo for ensuring the program records success.
“Our strategy is to get all people out of poverty and they(Emyooga) are doing a wonderful job. I want to thank the moblisers for the good job.”
Emyooga targets Ugandans who are mobilized under Savings and Credit Cooperative (Saccos) .
The 18 sacco categories clustered by occupations include boda bodas, women entrepreneurs, carpenters, salon operators, taxi operators, restaurant owners, wielders, market vendors, youth leaders, persons with disabilities, produce dealers, mechanics, tailors, journalists, performing artistes, veterans, fishermen and local leaders.
The Microfinance Support Centre as the implementing agency transfers a grant of shs30 million to each of the sacco account and shs 50 million for elected leaders and from this, members are allowed to borrow at an interest rate of between 8 and 12 per cent.
The best performing saccos receive an additional shs20 million in seed capital from government.
Minister Haruna Kasolo has on several occasions explained that the shs30 million is seed capital and that the money is not for sharing but to entice members to save and borrow.
He has also preached the gospel of saving, saying it is the only way wealth creation can be realized.
“You cannot be rich unless you earn money daily. Don’t degrade business. Even if it is hawking eggs, frying chapatti or selling sugarcane, do it as long as it earns you money daily. You cannot be rich unless you save daily. If you save weekly or monthly, you are undermining poverty. Save every day. Don’t mind about the amount, but do it consistently. That is why we are targeting daily income earners. Don’t save alone, save with others. Saving with others is the tool for eradicating poverty,” he said. “The money you eat benefits you alone. The money you save, benefits you and your family. If you are sick, looking for school fees, it is the money you saved that will help you. To be rich, a person must save before spending.”
