In 2019, Government of Uganda committed itself to transform 68% of the country’s homesteads currently in subsistence to market orientation through a special program dubbed Presidential Initiative on Wealth and Job Creation (Emyooga).
The programme which is being implemented by the Microfinance Support Centre Ltd, through the Ministry of Finance, Planning and Economic Development is intended to provide affordable credit to the active poor through Cooperative Unions, SACCOs, MFIs, groups and SMEs with assessed actual existence, legal status and leadership structures.
Ms. Phiona Muhebwa the Incharge Communications Emyooga says a total of 190,710 Emyooga parish based associations have been mobilized across the country with 70,133 of them already validated.
Saving is a requirement for the savings associations to access funding under the Emyooga initiative. During the validation exercise for the savings associations, it was established that in different areas – from Mukono to Mutukula, Soroti, Serere, Jinja, Kassanda and Masaka, Iganga, Kaliro, Mbale, Lira, Arua– a number of savings associations that were set up within the past 8Months have embraced the culture of savings, she added.
Government has developed the guide to equip leaders at different levels with skills and competencies to manage the SACCOs in an efficient and sustainable manner with basics on financial and records management, Sacco governance, savings mobilization, among others.
The Office of the State Minister for Microfinance and the Microfinance Support Centre (MSC) say that they have carried out mobilization and sensitization meetings of district leaders, local leaders and political leaders in 146 Districts, 353 Constituencies, 2,184 Sub counties/Municipal Divisions 10,595 Parishes and 70,626 villages.
Government has set aside Shs 260 billion to fund Emyooga SACCOs across the country with each constituency to receive Shs 560 million as a grant (non-refundable).
As of today, The Microfinance Support Centre had disbursed Shs 20 Billion to 660 constituency-based Sacco’s in the districts of Budaka, Bukwo, Kapchorwa, Kitgum, Kiboga, Busia, Alebtong, Kalungu, Kaberamaido, Kalaki, Iganga, Bukomansimbi, Serere and Bukedea.