By KT Reporter
Emyooga SACCO groups in Arua City have been urged to carry out annual audits and hold Annual General Meetings (AGMs) as a prerequisite to accessing additional government seed funding.
Launched in August 2019, Emyooga is a presidential initiative that provides seed capital of up to UGX 30 million for 18 categories of groups, including artisans, women entrepreneurs, boda boda riders, persons with disabilities, veterans, and journalists.
Of the 54 Emyooga SACCO groups in Arua City,18 in each of the three constituencies: Ayivu East, Ayivu West, and Central, only 31 have completed auditing since operations began in 2021.
According to records from the Micro Finance Support Centre and Arua City Commercial Office, the government has so far disbursed UGX 1.96 billion to these SACCOs, including UGX 280 million released as additional seed capital to groups with audited accounts.
Jobel Ayiko, the Commercial Officer for Arua City, stressed the importance of auditing. He said it ensures financial credibility, promotes regulatory compliance, and is a requirement to access an additional UGX 20 million in seed capital every year.
Ronald Waiswa, Zonal Manager of the Micro Finance Support Centre for West Nile, urged SACCO members to work collectively to overcome obstacles that hinder compliance and access to funding.
Members of some SACCOs cited challenges, including the demise of leaders or members with unpaid loans, tax interference from URA, and politicization of the program, all of which affect the smooth functioning of their groups.
Phiona Dribareyo, Assistant Resident City Commissioner for Central Division, instructed all SACCOs to present accounts for auditing and organize AGMs.
Under Uganda’s Cooperatives Act, all SACCOs must complete audits and hold AGMs within the first 90 days of the year.
Leadership is limited to four-year terms, and funds provided to members as loans must be recovered to ensure continuity of group activities. Failing to comply could mean SACCOs lose access to additional seed funding, limiting their ability to grow and support members’ livelihoods.
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