The Vice President Jessica Alupo has asked Microfinance sectors to be transformational and consider offering affordable loans to small businesses.
The Vice President while addressing the Microfinance stakeholders during the 1st National Microfinance and Savings Conference 2022 on behalf of President Yoweri Kaguta Museveni, Wednesday 30th November 2022 at Hotel Africana, said that the spirit of working together to prosper as a community is what connects Microfinance with national development.
She added that access to finance is the life blood of economic development.
“Without affordable loans, people cannot invest in their growth,” Alupo said.
The Vice President noted that when it comes to accessing finance, small businesses are often left out.
“Microfinance in Uganda must be transformational. A prosperous Microfinance sector is one that delivers for all Ugandans,” Alupo added.
She stated that Microfinance, Cooperative savings and lending are central to Uganda’s journey to socio-economic transformation.
Ramathan Ggoobi, the Permanent Secretary in the Ministry of Finance while speaking at the Microfinance and Savings Groups conference said Government has implemented and supported various policies and programs to extend Microfinance services to Ugandans especially saving groups such as Village Savings and Loan Associations.
Ggoobi noted that policy and regulatory frameworks such as Microfinance Policy, Financial sector development strategy and Tier 4 Microfinance Institutions and Money Lenders Act have contributed to the development of Savings’ groups industry in Uganda.
Haruna Kyeyune Kasolo, Minister of State for Finance, Planning and Economic Development (Microfinance) said that over 6,664 Emyooga SACCOs have been formed at constituency level and financed with Ugx30 million as revolving find, adding that Ugx72 billion has been mobilized as savings for 205,710 parish based associations and the 6,664 SACCO’s.
