President Museveni has extended a financial boost of Shs20 million to Akaserengeto Savings Group, a rapidly growing SACCO based in Kalerwe Abattoir, Kawempe Division.
The support, delivered through the Senior Presidential Advisor on Political Mobilization, Mr. Moses Byaruhanga, is aimed at empowering traders and informal sector workers in the area to access affordable capital and grow their businesses.
Speaking at the group’s five-year anniversary celebrations on Sunday, Mr. Byaruhanga praised the resilience and discipline of the SACCO, which has grown from just six members in 2020 to over 1,000 today.
“President Museveni has personally contributed Shs20 million to support your SACCO,” Byaruhanga announced. “This money is for you to borrow and use wisely to expand your businesses. Keep interest rates affordable to allow for sustainability.”
The savings group is comprised of cattle traders, butchers, market vendors, and retailers operating within the Kalerwe Abattoir community.
Mr. Byaruhanga used the platform to voice concern over the poor implementation of the Emyooga program in Kampala. He revealed that government investigations found that nearly half of the Emyooga SACCOs in the capital are inactive, despite receiving significant funding.
“Kampala alone received Shs18 billion under Emyooga. But my team found that 47% of the SACCOs are inactive, and over Shs8 billion was allocated to them,” he said.
He blamed local leaders, particularly councillors, for failing to monitor the program effectively and questioned their commitment to grassroots development.
“Some leaders are busy criticising the President instead of doing their job. The President has the facts. If your leaders are silent about these projects, ask them what they’re doing,” he urged.
Due to the inefficiencies, Byaruhanga said State House has advised against further disbursement of Emyooga funds in Kampala until the program is streamlined.
The presidential advisor also unveiled new government-backed financial initiatives expected to roll out in July. These include the “Katale Loan” for market vendors, offering credit at an interest rate of 8% per annum, and a special loan product for boda boda riders designed to be far more affordable than current private sector options.
“With our loan, there’s no collateral required, and it includes insurance and GPS tracking. Instead of repaying over Shs12 million, our loan will cost just Shs7 million after two years,” he said, promising a launch in the near future.
Responding to concerns raised by Hajji Abdul Mwebesa, a prominent hides and skins trader, Mr. Byaruhanga pledged to engage relevant government departments over the ban on raw hide exports.
He also committed to supporting traders with the acquisition of a cold room facility to preserve meat at appropriate temperatures, ensuring higher quality and longer shelf life.
Kawempe South Parliamentary aspirant Hajjat Madina Nsereko lauded the ongoing support from State House and singled out Mr. Byaruhanga for consistently championing development projects in the area.
“Through Mr. Byaruhanga’s office, Kawempe has benefitted from water projects, market infrastructure, and support for the Muslim community. Just this year, 34 Imams from the division received Hajj sponsorship from the President,” she said.
Ssalongo Ssekanyo Sulaiman, Chairperson of Kalerwe Abattoir, also commended Akaserengeto Savings Group as one of the most impactful local initiatives uplifting the community.
According to Mr. Nelson Ojambo, Vice Chairperson of Akaserengeto Savings Group, the SACCO was formed in July 2020 to address the challenge of limited access to capital among traders. Members save as little as Shs1,000 daily, with each member maintaining an individual savings account.
“Our aim was to help members access capital through group savings. We’re now formally registered and recognized, and this support from the President will take us further,” Mr. Ojambo noted.
