Kampala Emyooga SACCOS Receive Sh.16B Funding Under the Emyooga Initiative
The Emyooga programme, a presidential initiative aimed at wealth and job creation, is making significant strides in the Ugandan capital, Kampala. With a massive disbursement of 16 billion shillings to 553 Emyooga SACCOS, the transformative program seeks to transform the majority of households from subsistence livelihoods to market-oriented production.
A total of 553 Kampala Emyooga SACCOS have so far received shillings 16 billion revolving fund under the Emyooga programme to enable beneficiaries to access affordable credit for development.
George William Kirunda, the Microfinance Support Centre zonal manager for Kampala, shed light on the progress made so far. “A notable number of the SACCOS, inclusive of women entrepreneurs, taxi operators, boda-bodas, and carpenters in Kampala, are showcasing commendable performance,” he remarked.
The assurance of President Museveni further instils confidence in the initiative. With a directive to reward each SACCOS that demonstrates remarkable performance with an additional sh20m annually, the goal is clear – to foster the growth and development of its members via accessible and affordable loans. Such incentives are bound to motivate the SACCOS to remain consistent in their operations, ensuring the sustainable success of the program.
Kirunda far said that so far, 67 SACCOS have been assessed by Government and given the additional sh20m in Kampala.
Launched in August 2019, Emyooga has been pivotal in the government’s robust strategy to transition a dominant 68% of homes from subsistence living to being actively involved in the market. By offering affordable credit avenues for development, Emyooga is not only changing the economic landscape of the country but also the lives of its beneficiaries.
It is evident that Emyooga’s central aim of promoting prosperity and job opportunities is not just a vision on paper but is fast becoming a tangible reality for many in Kampala. As the city’s SACCOS continue to thrive under the initiative, the future of Uganda’s economic transformation looks promising.
