RAKAI – State Minister for Microfinance Haruna Kasolo has asked the people of Rakai to respect Emyooga loan deadlines in order for them to get the most out of the saving and poverty alleviation scheme.
Kasolo who was addressing locals at Buyamba County in Rakai district was dismayed by the number of people who borrow money and not return it in the stipulated time as agreed.
“I have seen the recovery is still 30 percent, not yet 40. The grace period is over and those that took the money, it is high time you returned it. I am giving you three weeks to have this money returned. When you don’t, I will put you behind bars,” he said.
The minister warned locals who took Emyooga money thinking it was a stipend for being active NRM mobilisers to immediately return the funds to the SACCOs lest face jail term.
He emphasised how the president has always come up with programs of poverty alleviation but these have been handled poorly. The minister blamed this on self-seekers who implement the project and want to retain the money, something that makes the programs fail.
He threatened to name and shame the defaulters of the Emyooga funds.
“This is not government money but for the public. We are just helping you to realise its reasons for setting it aside. This program is not for playing around, it has helped us a lot. The way it was structured helps us keep some money,” he said.
Kasolo added that: “If you want to get rich, there is no other way aside from saving. Even when you are a thief, if you do not save, you will die stealing. Save part of each money you get and use it to do something developmental to you.”
In his remarks, Rakai district chairperson, Mr Samuel Kaggwa Sekamwa asked locals to be patient when investing funds from Emyooga funds since the money is for working.
He asked the loan committees set up to offer loans not to be lenient and only give money to people that are able to return it so that other people can benefit from this arrangement.
“We should not rush thinking we should quickly get this money, let us save and borrow. Let us follow what we are taught in keeping loan discipline of the Emyooga. Rome was not built in one day. You need to be patient when you get the money. Not everything happens fast,” Sekamwa told the people of Kooki County.
Performance for Rakai District
The district has 35 emyooga SACCOS out of the expected 36 SACCOS. 18 SACCOs were formed in Buyamba Constituency while 17 SACCOS were formed in Kooki Constituency out of the 18 Emyooga SACCOS because that of Tax operators was not formed
The two constituencies received a seed capital of Ugx 1,070,000,000 (one Billion and Seventy million). Buyamba Constituency received Ugx 560,000,00 Million while the Kooki Constituency received Ugx 510,000,000 Million
The two constituencies have so far disbursed Ugx 1,274,884,200 to members in form of loans. To date, Ugx 606,021,900 Million has been raised through savings by SACCO members