Ugandans Urged to Save at ‘Emyooga’ Launch In Entebbe
July. 11, 2020
State Minister for Microfinance, Haruna Kyeyune Kasolo has urged Ugandans to embrace the culture of saving if they are to get out Poverty
Hon Kasolo noted that despite government investing in many programs like the Youth and Women Fund, Operation Wealth Creation, NAADS and others, Ugandans are still living in poverty mainly because they have poor saving culture.
“Ugandans are known for spending recklessly on things that they don’t even need and always blaming the government for their poverty. Government of Uganda has created the most conducive environment for business in the whole of East Africa but the only way Ugandans will get out poverty is if they learn to spend sparingly and save more,” he said.
This was at the launch of the Emyooga Presidential initiative on wealth and job creation in Entebbe Municipality.
Government through the office of the Presidential initiative has put aside Shs 165.7b to be given to 18 informal groups in clustered sectors including elected leaders, carpenters, wielders, women entrepreneurs, BodaBoda riders, Taxi Drivers, Salon Owners, PWDs, Produce Dealers, Journalists, Hotel owners, market vendors, fishermen, Veterans and Performing Artists.
Each of the 18 Saccos in every constituency will get shs30 million to make it Shs 540 million; but the president directed that the Sacco for elected leaders should be given shs50 million to make it shs560 million for each constituency.
The program will be rolled out throughout the country for all Ugandans in the specific groups to benefit.
“We have already traversed different parts of the country sensitising leaders and officially launching the program. The next step will be forming the Saccos following the qualifications that we have specified for you. Later on, members of these Saccos will be trained before money is finally disbursed to qualifying groups,” Minister Kasolo Said.
The Microfinance Support Centre (MSC) is the implementing agency for the program while RDCs in different districts will lead the projects in partnership with other local leaders.
According to Alfred Eboku Ejanu, the head of Credit and Operations at the MSC, the project will be implemented in three phases.
“We are currently involved in sensitization and mobilization of the leaders of different groups about the initiative. Then we shall encourage members to form and register their Saccos, MSC will then validate viable Saccos which will be trained and these will each receive the seed capital of Shs 30 million. MSC will also follow up by monitoring and evaluating the running of these Saccos to ensure money is not wasted,”Ejanu said
The Mayor Entebbe Municipal Council said that as a municipality, that were ready to welcome the project as long as it did not get politicized.
” This is a good program that can benefit our people if handled properly. We need government to invest in programs that equip locals with the skills to generate income. For example, garbage waste management as an economic activity where we can keep our cities clean but also disposal the garbage in an environmental friendly manner that benefits us economically, ” he said.
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