In the Ugandan city of Kampala, the Emyooga program, a presidential initiative targeted at wealth and employment creation, is progressing significantly. The transformative program aims to transition the majority of households from subsistence livelihoods to market-oriented production with a substantial 16 billion shillings payment to 553 Emyooga SACCOS.
The Emyooga initiative has provided a total of 553 Kampala Emyooga SACCOS with a shillings 16 billion revolving fund so that participants can get access to low-cost finance for development.
The zonal manager of the Microfinance Support Center for Kampala, George William Kirunda, provided an overview of the development to date. He said, “In Kampala, a remarkable number of SACCOS, including women entrepreneurs, taxi drivers, boda-boda drivers, and carpenters, are exhibiting outstanding performance.
President Museveni’s assurances give the effort even more support. The objective is clear: to promote the growth and development of its members through easily accessible and reasonably priced loans. The directive provides that any SACCOS that exhibits exceptional performance would receive an additional sh20m annually. Such rewards will undoubtedly spur SACCOS to maintain consistency in their operations, ensuring the program’s long-term success.
According to Kirunda thus, 67 SACCOS have received the additional sh20 million in Kampala after being evaluated by the government thus far.
Emyooga, which was introduced in August 2019, has played a crucial role in the government’s comprehensive effort to move a significant 68% of houses from subsistence living to being actively engaged in the market. By providing accessible credit channels for growth, Emyooga is transforming not only the nation’s economic structure but also the lives of its recipients.
It is clear that Emyooga’s primary goal of fostering wealth and employment possibilities is more than just a concept on paper; it is quickly turning into a real-world reality for many people in Kampala. The future of Uganda’s economic development is bright as long as the SACCOS in the city continue to prosper thanks to the effort.
