Mechanics, MCs share sh11.1b in President Museveni SACCO support

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President Yoweri Museveni has disbursed sh11.1 billion to savings and credit cooperative organisations (SACCOS) for mechanics, masters of ceremonies and skilling hub beneficiaries across the country.

The money was handed over to representatives of the SACCOS at State Lodge, Nakasero, on September 18, 2025.

According to State House, mechanics’ SACCOS in Kampala’s five divisions shared sh500 million, while 18 MCs’ SACCOS across the country received sh1.8 billion. Skilling hub beneficiaries in 176 administrative units took the largest share of sh8.8 billion.

The President directed that loans from the funds must not exceed an annual interest rate of 6 percent, warning that defaulters on this directive would face prosecution.

“The loans the beneficiaries receive must be at 6 percent, not more than that per year, and this should be put in a legal document. Anybody who doesn't do it goes to jail,” he said.

He added that well-managed SACCOS would receive further support. “Write a special document on how you are going to use that money, then I sign,” he told beneficiaries.

State House Comptroller Jane Barekye said the scheme is part of a wider empowerment programme targeting market vendors, ghetto youth, mechanics and MCs. She noted that Kampala is not yet benefiting from the skilling hub initiative because its groups are still registering.

Bareyke added that funds for skilling hub SACCOS would be restricted to graduates of the programme, who will be eligible for start-up capital repayable after a year.

The meeting was attended by senior presidential aides, including Faruk Kirunda, Eng. Raymond Kamugisha and Yiga Kisakyamukama, alongside chairpersons of the different SACCOS.