Music promoters receive Shs10b Museveni pledge
MSC announced the release on Friday during a special general meeting of the Uganda Music Promoters SACCO at Pope Paul Memorial Hotel in Ndeeba, Kampala
Abbey Musinguzi addresses the promoters in Ndeeba on Friday
Music promoters and event organisers are set to access a Shs10 billion government fund pledged by President Yoweri Museveni, following its release by the Microfinance Support Centre (MSC).
MSC announced the release on Friday during a special general meeting of the Uganda Music Promoters SACCO at Pope Paul Memorial Hotel in Ndeeba, Kampala.
The money will be shared among three SACCOs and offered to members at an annual interest rate of eight per cent.
Uganda Music Promoters SACCO chairman Abbey Musinguzi, popularly known as Abitex, said his SACCO had received Sh2.6 billion from the latest allocation, in addition to Shs1.5 billion previously disbursed.
“We have finally received the money the President pledged to us, and we are now ready to start disbursing it,” Musinguzi said.
He said loan applications would be assessed according to each promoter’s business capacity and ability to repay.
“This is not free money. The government, through MSC, will track how the funds are used because this is taxpayers’ money,” he warned.
MSC spokesperson Taddeo Atuhura said the agency had fulfilled Museveni’s pledge to the promoters and event organisers.
The other beneficiaries are United Music Promoters SACCO and National Events and Bivulu Promoters Multipurpose Cooperative.
Atuhura said MSC had also trained leaders from the three SACCOs in financial literacy, savings, enterprise management, leadership and governance to help address previous internal conflicts.
“We have empowered all three SACCOs, and they have realised that unity will lead to development,” he said.
Uganda Music Promoters SACCO general secretary Balaam Jojo said a loans committee had been formed to scrutinise applications and determine how much each member could realistically repay.
“Someone may request Sh50 million, but their capability may only allow them to handle Sh20 million,” Jojo said.
With more than 250 members, Musinguzi said the available funds would not be enough to meet the needs of all promoters if shared equally. He called for additional government funding, arguing that the events industry creates jobs, generates taxes and supports artists and other businesses.