Nine out of 54 SACCOs in Masindi district have been cleared to receive the long-awaited Emyooga cash, Moses Kalyegira, Masindi district’s Commercial Officer has revealed.
Kalyegira says the nine, which hail from the three constituencies of Masindi municipality, Bujenje county, and Buruli had met all the requirements for receiving the money and had already received Shs 132m so far.
The DCO was responding to widespread complaints by several SACCOs over delayed disbursement of the promised Emyooga cash, with many reporting that they had started receiving the money on their accounts in December but were unable to access it.
“Clearing of SACCOs is still ongoing; they could not all be cleared at the same time,” Kalyegira explained.
He went on to list the other obstacles standing in the way of some SACCOs’ receiving the money.
“You should know that you must have saved 30% of the money you are asking for. Also, the bank has to clear the resolutions by the SACCO before giving you the money. The bank’s legal team has to look into them and send them to the ministry of trade for verification before giving you a go-ahead to withdraw the money,” said Kalyegira.
The official handover of the money was launched by Masindi Resident District Commissioner (RDC), Rose Kirabira, who warned the beneficiaries against misusing the funds.
“I advise you to use this capital to move out of poverty and also develop the culture of saving. This is a push-up for your SACCOs but not money for eating,” Kirabira said.
She also encouraged the beneficiaries to report any individuals engaged in mismanaging the SACCOs’ monies so that action can be taken against them.
Cate Gafa, the Masindi Municipality Town Clerk, implored the members to use the money effectively to enable them to attract more support from the government.
“This can only be achieved when there is a good saving culture and financial discipline,” she cautioned.
The beneficiaries who turned up for the launch expressed happiness, saying they had lost hope in the program.
“Some members had even threatened to withdraw their savings because they were not seeing any future in staying with the program,” explained a beneficiary who spoke on condition of anonymity.
Buy your copy of thecooperator magazine from one of our country- wide vending points or an e-copy on emag.thecooperator.news
The post Nine SACCOs cleared to receive Emyooga funds in Masindi appeared first on The Cooperator News.