President Yoweri Kaguta Museveni has injected Shs20 million into Akaserengeto Savings Group, located in Kalerwe Abattoir, as a show of support for grassroots economic empowerment.
Delivering the President's contribution Senior Presidential Advisor on Political Mobilization, Mr. Moses Byaruhanga, emphasized the government's commitment to uplifting local traders and ensuring accountability in national programs.
The financial support was announced during celebrations to mark the group's five-year anniversary. Akaserengeto, which started with only six members in July 2020, now boasts over 1,000 members--comprising cattle traders, butchers, retailers, and vendors--who save daily and use the SACCO to access capital for their businesses.
"President Museveni injected Shs20 million in your SACCO. It has come from him directly. Use it well for sustainability, and ensure interest rates are low enough not to burden members," Mr. Byaruhanga told the jubilant group.
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Mr. Byaruhanga didn't mince words on the issue of mismanaged Emyooga funds, revealing that out of the Shs18 billion disbursed to SACCOs in Kampala, over Shs8 billion went to inactive groups.
"I sent a team to monitor the Emyooga program in Kampala and the findings were worrying--57% of SACCOs are active, while 43% are dormant. Unfortunately, Shs8 billion was given to these inactive SACCOs," he revealed.
He urged Kalerwe traders to demand performance from their elected leaders, blaming some local officials for failing to monitor these crucial government programs.
"The problem is not the President. The President has done his part. Ask your leaders--are they ensuring these programs succeed, or are they simply attacking the government while doing nothing?" he asked.
Due to the inconsistencies, Byaruhanga said additional funding to Emyooga SACCOs in Kampala has been halted until the matter is resolved.
Mr. Byaruhanga also revealed upcoming government financial interventions targeting market vendors and boda boda riders. The "Katale Loan," set to roll out in July, will offer loans at an affordable 8% annual interest rate to market traders.
Additionally, a government-supported boda boda loan is in the pipeline, set to significantly reduce the repayment burden for riders.
"With private loans, riders end up paying over Shs12 million. Our loan will require no collateral, come with insurance and GPS, and only Shs7 million is paid after two years," he noted.
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Mr. Byaruhanga pledged further support to Kalerwe's meat industry by promising to help acquire a cold room facility for meat storage. He also responded to concerns raised by Hajji Abdul Mwebesa, a hides and skins trader, on the ban of raw hides exports, saying he would engage relevant authorities to address the issue.
Kawempe South Parliamentary aspirant, Hajjat Madina Nsereko, lauded Byaruhanga for prioritizing Kawempe and consistently supporting Muslim communities.
"Through his office, Mr. Byaruhanga has supported water access, markets, and this year, 34 Imams in Kawempe received Hajj sponsorships from the President," she noted.
Ssalongo Ssekanyo Sulaiman, Chairperson of Kalerwe Abattoir, also praised Akaserengeto for improving livelihoods in the area.
Nelson Ojambo, Vice Chairperson of Akaserengeto, shared the group's humble beginnings and growth: "We started in July 2020 with just six members. Today, we are over 1,000 strong. Our mission is to support each other in overcoming capital challenges."
He explained that members save as little as Shs1,000 daily and that each member has their own savings account. The group is now formally registered and legally recognized.
