Mbarara taxi SACCO grows savings to Shs250m
A savings cooperative for taxi operators in Mbarara City South has expanded its capital from 70 million shillings in 2021 to 250 million shillings. The Emyooga program offers loans at 1 percent monthly interest with an 8-month repayment term, helping members escape money lenders who charge 20 percent rates. Emmanuel Ddamba borrowed 1 million shillings initially and qualified for 10 million shillings after consistent repayments, allowing him to purchase a vehicle.
Esther Akankwasa started with 500,000 shillings as a mobile money agent and grew her business into a phone shop after receiving 5 million shillings. Chairman Wasswa said membership rose from 156 people in 2020 to 562 members across 56 groups. Manager Kate Tumuhimbise credited daily savings and reliable repayments for enabling the cooperative to buy premises. The Ankole region supports 623 Emyooga cooperatives holding 27.8 billion shillings in total savings.
