President Museveni has applauded State Minister for Microfinance, Haruna Kyeyune Kasolo and his team for ensuring the Emyooga program is a success as of now.
While addressing the nation last night, Museveni revealed that Emyooga Saccos have got a saving of shs76 billion. This excited the president and promised to keep supporting the team to see its success. “Emyooga is now doing well and about four million people have joined. They were telling me they have got a saving of shs76 billion,” he said.
Museveni also added that the main strategy of this program is to get Ugandans out of poverty “Our strategy is to get all people out of poverty and they(Emyooga) are doing a wonderful job. I want to thank the mobilizers for a good job.”
It should be remembered that 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, welders, market vendors, youth leaders, persons with disabilities, produce dealers, mechanics, tailors, journalists, performing artists, veterans, fishermen, and local leaders.
The Microfinance Support Centre as the implementing agency transfers a grant of shs30 million to each of the Sacco accounts and shs 50 million for elected leaders and from this, members are allowed to borrow at an interest rate of between 8 and 12 percent.