State Minister for Microfinance, Haruna Kasolo has vowed to arrest loan defaulters in the Emyooga program.
On Tuesday, Kasolo met with beneficiaries of the Emyooga program in Rakai district and it is there that he said he would put loan defaulters behind bars. He was specifically sending his message to those that had gone past their grace period off payment.
“We are going to put you behind bar and you will get embarrassed. This program is not for playing around and has helped us a lot. The way it was structured helps us save some money. If you want to get rich, there is no other way aside from saving. Even when you are a thief and you do not save, you will die stealing. Save part of each money you get and use it to do something developmental,” he said.
Kasolo said the recovery is still 30% and not yet 40% as planned.
“I am giving you three weeks to have this money returned. When you don’t, I will put you behind bars. This is not for jokes,” Kasolo warned.
Aside of that, he thanked the locals for embracing the Presidential Initiative on Wealth and Job Creation.
Rakai district beneficiaries are said to have mobilized over shs606 million in savings in one year. The money was mobilized amongst 35 Emyooga saccos that were formed, with 18 of these in Buyamba constituency and 17 in Kooki constituency.
The two constituencies received shs1.07billion as seed capital from government and have so far distributed shs1.274 billion to members in form of loans.
12713 individuals are participating in the program in the two constituencies.