Government relaxes Emyooga funds withdrawal procedure

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NEWS- The government has relaxed conditions that require Emyooga Savings and Credit Cooperative Societies to seek recommendations from district commercial officers before they access money on their bank accounts.

In 2020/21, the government released 30 Million Shillings to each of the 18 Emyooga Savings and Credit Cooperative Societies selected per constituency across the country but for any Emyooga SACCO to access the government cash and members’ savings on their bank accounts, the Executive Committee had to seek a recommendation letter from the district commercial officer who determines how much they can withdraw.

But State Minister for Microfinance Haruna Kasolo has said that following complaints from the Emyooga SACCO leaders, he has decided to withdraw the requirement with immediate effect.

Kasolo ordered the District commercial officers to write to bank managers informing them that Executive committees can withdraw the money as they wish without necessarily presenting a recommendation letter from their offices and added that the commercial officers will only be required to monitor the performance of the SACCOs.

He warned that the government agencies will arrest Executive committee members in case they misuse the authority and embezzle the funds and also directed that Emyooga SACCOs desist from lending to members above 8% which is the recommended rate.

The Emyooga programme was introduced to support among others, market vendors, welders, taxi drivers, carpenters, boda-boda riders, women, performing artists and restaurant owners among others who come together in form of savings and credit co-operative societies.