The Minister of State in charge of Microfinance, Haruna Kyeyune Kasolo, has asked monthly earners to set up side businesses that bring in income on a daily basis.
Addressing beneficiaries in Kasese as he continues to monitor the performance of the Emyooga program in the Rwenzori region, Kasolo said it was high time Ugandans embraced the culture of savings, but noted that employees had to think outside the box.
“Try as much as you can to start a daily income generating activity. The salary is useless. That’s why it is withdrawn as soon as it reaches the account. Use your salary to start a daily income generating activity. Even if you make 100 million shs a month, you will mortgage it. You will use it to pay off the loans you borrowed before you get your salary. And you will be in this cycle forever,” Kasolo said.
“But there are those workers who don’t even care about the salary. They have other activities. Use part of your salary to start a business. Don’t borrow. Some of you opt for a short loan. term, then put it into a long-term investment. Get a loan and start a business that will make you money the next day.”
Minister Kasolo explained that by starting businesses with parallel daily income, employees can benefit from the Emyooga program when they join saccos that are part of their businesses.
He said it not only helps them to save, but also to get cheap credit from their own saccos to inject into their businesses.
The minister, however, emphasized the idea of saving, challenging people to always save before spending the money earned.
He said the money saved benefits more people than the money spent on recreation and pleasure.
According to Kasolo, savings can allow them to get cheap credit from Emyooga saccos and avoid banks and loan sharks who he describes as loan sharks ready to “devour” them.
“You will get capital through savings and credit from Emyooga. You don’t need a lot of money to start a business. don’t believe that I am a minister I am a farmer, I have people to fry chapati, I am in the bodaboda business, I am in the taxi business, I am in the poultry business, but for you , you have this pride; you say I can’t fry the chapati.”
“Once your business has grown, consider another business. I’ve heard private teachers cry during COVID-19. Who says teachers can’t have chapati businesses? Why didn’t you you only one job and say I’m happy that’s why a MP loses an election and leaves parliament after one term, you can’t believe what you see when you meet them they think that being an MP is a job, you have to diversify.