HomeBUSINESSMbarara City Receives 1billion ‘Emyoga’ Money, Beneficiaries urged to utilize it well.

Mbarara City Receives 1billion ‘Emyoga’ Money, Beneficiaries urged to utilize it well.

Joshua Nahamya

Mbarara

People of Mbarara City have been challenged to put ‘Emyoga’ money to the intended purpose to chase household poverty from their homes.

According to James Agaba, the City Principal Commercial Officer, Emyoga is a loan fund from the government to create a vibrant village banking sector mong the skilled Ugandans.

Agaba echoed this on Tuesday in Mbarara City Council hall while confirming the disbursement of 1bilion money to cater for the skilled people of Mbarara.

He says the 500million will go to Mbarara City North Division while another 500million for Mbarara City South.

“This money is in form of a loan but the government gave it as astarting capital and keep lending 9it to other groups to improve on the household income of a multitude of Ugandans,” says Agaba

He confirmed that the first batch was released on Friday last week and another 500million delivered on Tuesday (yesterday).

He uttered that the 1billion will benefit 986 groups comprised of about 2500 people in Mbarara City which was elevated on 1st July 2020 will specifically support the group SACCO created under the Emyoga program on the presidential initiative for job creation.

Agaba adds that out of 36villages cooperative societies to benefit, 18 are located in Mbarara City North while the other 18 co-operatives come from Mbarara City South and each society has already received 30million shillings as starting capital for their members.

“As Mbarara City, we legally registered 2500 people in 36 village saving banks which have received the Emyoga money” Agaba explained

He hopes that this government program is access to financial services which was missing among the low-income earners in communities.

“Emyoga money is additional money revolved to other co-operatives at an annual interest rate of 8% equivalent to 0.6% per month meant to teach people how to save and working together in groups”. Agaba says

“This is a good model and if people receive it well, we shall see people increasing the turnover that will enable more Ugandans to borrow and start their jobs and incomes”. He adds

He however discouraged members from using the Emyoga money for luxury but instead embrace it for social-economic development.

“Some groups are working and moving forward but others are praying hard to receive and eat this money. We want people who have understood the program and want to continue using this money for a unified development” says Agaba

He added that the groups which will become stubborn to default the government money will be dealt with according to the co-operative act.

“We shall use the cooperative societies act to protect the Emyoga funds because it will no longer only be the president’s money so we shall not wait to see individuals infringing on some of the other group members’ savings” explained Agaba

Agaba says the Emyoga money is still inaccessible to group members for further sensitization to meet its intended purpose.

“There is still information gap and that’s why people are not allowed to withdraw this money because we want to teach people how to use it instead of misusing the program before it kicks starts”. He said

“We don’t expect people to receive this money and share because the policy does not allow that, this money is supposed to remain today, tomorrow and even in the future” Agaba adds

Lt Col James Mwesigye, the Resident District Commissioner (RDC) Mbararaasked Ugandans not to politicize the government program centered on improving household income.

“If it was for politicking you would be giving this money to only your supporters but it’s going to every Ugandan that has a skill and can use this money to develop,” says Mwesigye

“Emyoga fund is one of the interventions for some of the Ugandans to fight poverty in their homes because we still have 68% of the families in Uganda only working for food” adds the RDC

He says the program will stop Ugandans from being cheated by soft money lenders who grab people’s property after failing the payment terms.

“This money is supposed to help people get access to cheap credit financial services at 8% per annum which are equivalent to 0.6%,” says Mwesigye

He encouraged all people in the western region to embrace the ‘Emyoga’ program that focuses on saving.

“Africans don’t know how to save so this is the beginning to create banks at a constituency level for each skill,” the RDC says

He however threatened to arrest whoever tries to steal or default the societies’ money at the constituency level.

“You see this is government money it’s not like you are co-operatives where you decide to kill your own thing here we shall be tougher because it has many supervisors” Mwesigye charged

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