Haruna Kasolo the state minister for micro finance.

The state minister for micro finance, Haruna Kasolo, has advised police to organize wives and husbands of police officers into Sacco groups to enable them access money to kick start their entrepreneur ambitions.

According to Kasolo, government has disbursed a lot of money to people including traders, UPDF officers, farmers and others, but relatives of police officers and crime preventers have been neglected.

He explained that under this new arrangement, police officers are required to form groups to enable the ministry extend them funds at relatively lower interest rate for borrowing.

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Haruna Kasolo the state minister for micro finance.

The State Minister for Micro Finance, Haruna Kasolo Kyeyune has launched an operation in Kampala and Wakiso districts to search for all those managers who keep on disappearing with the savings of the members of Savings and Credit Cooperative Societies (SACCOS) groups.

While meeting members of Nakasero eyeterekera cyclists and vendors SACCO at Nakasero market on Friday afternoon, Kasolo said that he has received information in regards to a group of mafias in Kampala who
form SACCOS purposely to grab fleece people of their money.

The minister is on a country wide campaign to revive the SACCO by encouraging people to join SACCOs, in order to access money from Government at low interest rates and set -up income generating project
that can get them out of poverty.

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State Minister for finance, Haruna Kasolo.

State minister for Micro Finance, Haruna Kyeyune Kasolo, says that the biggest challenge faced by savings and credit societies across the country is the high interest rates imposed on members by managers and board members in the end discouraging many people from joining the savings and credit societies.

The minister is currently on a country wide tour to monitor the operations of the SACCOS, give advice to members on saving and encourage others to join.
Kasolo also say that the other issue holding back the SACCOS is lack of enough funds to extend to members as soft loans.

But adds that his ministry through the micro finance support center has worked out a program whereby SACCOS will be given close to 2 billion shillings every month at low interest rates.

Saccos will be able to access agricultural loans at an interest rate of 9% annually and commercial loans at an interest of 13% annually.

Among those to benefit from the program first is the Butabika hospital staff SACCO who are about to receive about 100 million shillings.

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A SACCO meeting

The state minister for  micro finance Haruna  Kyeyune Kasolo has warned the staff under  the Project for Financial Inclusion in Rural Areas ( PROFIRA) in the ministry of finance  not to divert  funds meant for the building  the capacity of SACCOS  in rural areas  for their own use  because the long arm of  the law  will catch them. The minister was on the formalization tour of this project to ascertain whether, the staff is doing the real work of improving the
welfare of the people through SACCOS and community saccos and credit groups.

Government borrowed a loan of over 36 million dollars from the international fund for agriculture development to build the capacity of SACCOS’s and village groups  so that they manage the funds they borrow from the micro finance support center.

However Minister Kyeyune says that with such a big amount of money, the project  should not only provide information  to the SACCOS but ensure that they leave an impact through changing  the lives of the rural people.

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