Information has leaked to the office of the Minister of State for Microfinance and Small Enterprises Hon. Haruna Kyeyune Kasolo. The same information that was also received at the Ministry of Finance indicate that the top loan sharks in Uganda are not happy about the Emyooga program. A source that preferred anonymity told Kampala Sqoop that the loan sharks hold numerous meetings in different big hotels in Kampala.
When we further engaged our source, who apparently attends the meetings, he said the loan sharks are coming together to brainstorm on how they can sabotage the plans of the Emyooga program. The loan sharks claim ever since the Emyooga program started in 2019, there loan businesses have been doing really badly because Ugandans now choose to get loans from Emyooga SACCOs and not from them.
This has caused the stunted growth of their business and they have plans set aside to temper with the steady progress of the Emyooga program.
Emyooga is a Presidential Initiative on Wealth and Job Creation. It was launched by President Museveni in 2019 and is being championed by Minister of Microfinance Hon Haruna Kyeyune Kasolo. In Emyooga, one gets a loan from their SACCO with an interest rate of as low as 8% and payback period is one year. On the other hand, loan sharks are involved with many documentation, security, high interest rates and few repayment months.
