The State Minister for Microfinance, Haruna Kyeyune Kasolo has challenged Ugandans on creating multiple sources of income where they can earn every day as opposed to waiting for the monthly salary.
Speaking during a bazaar and exhibition for Busoga Emyooga saccos held yesterday at the Jinja Agricultural Show Grounds, Kasolo said that a person who saves money daily, no matter how small the amount, is far better off than one who is paid on a monthly basis.
“If you’re to get rich, you must be saving every day. Whether its shs 1000, make sure every day you put aside some money. I rather give my daughter to a boda boda rider who is earning daily than an RDC or MP who is a salary earner,” Kasolo said.
Encouraging Ugandans to save, the minister said it is high the country developed a saving culture.
“If you dont save, you’re going to be poor, your children are going to be poor. I encourage those who are not saving to start now, and when you save, please keep that money jealously, refrain from unnecessary expenditure. After saving use that money to establish another business. Stop blaming President Museveni for your poverty, as he has introduced numerous programs aimed at alleviating it.”
“I can’t be guaranteed that if I entrust my daughter to someone who is paid monthly, they will be able to provide for her, because that RDC or minister has to wait 30 days for their salary. I would rather trust a boda rider, knowing that he earns something every day.”
Minister Kasolo revealed that starting next year , government will waive UNEB certification fees for Emyooga saccos involved in value addition for their products.
In his report about the performance of the program, Joseph Tukamushaba, the Head of the Emyooga Program at the Microfinance Support Centre said there are 576 Emyooga saccos in Busoga with 34,000 individuals.
He said each has so far received shs30 million in seed capital, adding MSC trained all the Sacco leaders in areas such as governance, financial literacy, and mindset change.
He also noted that the skills acquired during exchange visits have been passed on to their Sacco members.
“ All the Saccos in Busoga Region have gone through training especially in areas of governance and financial literacy and aspects of mindset change. We have taken the initiative to transform them into exemplary institutions from which others can learn,” he said
