Butula MP Joseph Oyula has urged women and youth in investment groups to have financial discipline to attract more funding and grants, besides expanding their investment muscles.
Speaking at Burinda ACC Compound during the distribution of Uwezo fund cheques worth Sh2.3 million to 15 groups who met the set conditions, Oyula urged the group members to embrace planning and financial literacy before they seek financial support from any lending institution.
“I want to advise any group or person in business who seeks a loan from any financial institution to have a clear plan and be disciplined so as to grow their records and attract more funds from government and other financial institutions,” noted Oyula.
The legislature regretted to note that Butula constituency had been blacklisted for three years from benefiting from the Uwezo fund as a result of 64 groups who borrowed funds and defaulted on repayment.
“For many years, groups and CBOs from Butula which needed support from the Uwezo fund were denied the opportunity as a result of 64 groups who defaulted, hence affecting the constituency credit records,” he added.
Oyula challenged the residents to form groups with likeminded individuals for better results.
“When forming the group, ensure members share the same ideological background and are willing to undergo financial training to obtain basic planning, budgeting, and saving skills, which are essential for the prosperity of any group,” said Oyula.
The sentiments were echoed by Butula DCC John Kirui, who urged recipients of the fund to use their loans prudently and for the intended purpose in order to lift their socio-economic status and create more jobs.
He also cautioned the fund’s recipients against misusing the cash on luxuries or engaging in other ventures, which may lead to an inability to repay the loans.
Chairperson Uwezo Fund Jenifer Oketch challenged members to repay their loans on time to improve their status, hence the possibility of further funding.
She called on members to be transparent and accountable.
By Absalom Namwalo
