A group of 30 members, can only access a maximum of sh30m and a SACCOS can only access a maximum of sh300m.
EDUCATION | SACCOS
Existing private teachers' groups can start applying for the relief funds, the Microfinance Support Centre (MSC), has revealed.
In addition, those without groups or Savings and credit Co-operative Societies (SACCOS), are advised to form them in two weeks, including electing their leaders.
According to John Peter Mujuni, the executive director of MSC, early preparations will enable easy disbursement of funds once they are released, by the finance ministry.
At the moment, Mujuni said, there are about 100 private teachers' groups and SACCOS which have previously benefited from MSC funds.
"We already have groups registered; they can apply immediately. By the time the funds come to our accounts, we will just send to them," he said in an interview recently.
Mujuni added that: "Now that the finance ministry has committed funds, we urge those without groups to form them immediately. We are hopeful that the funds will soon be on our accounts."
According to MSC requirements, teachers from one school, sub-county, municipality or city can form private teachers' groups.
The SACCOS will manage the funds on behalf of its members.
On Tuesday, the finance ministry permanent secretary, Keith Muhakanizi, said he authorised the transfer of sh20b to MSC as a special package for private school teachers.
In addition, he said, the funds will only be accessed through groups and SACCOS. Muhakanizi added that funds are part of the "Emyoga Presidential Initiative" aimed at promoting a savings culture and eradicating poverty.
Recently, he reaffirmed that the money will get to MSC in a shortest time possible.
For starters, Muhakanizi said, private teachers can start with the recently approved Emyoga funds as they wait for the additional funding.
Muhakanizi said recently over sh100b was allocated by the Government for Emyoga, saying the teachers should also take advantage of this."
The Emyoga programme was launched by President Yoweri Museveni in August last year as part of the Government's continuous strategies to transform 68% of Ugandan homesteads from subsistence to market-oriented production.
How to apply
The private teachers' groups or SACCOS are required to open a bank account through which their funds will be channelled.
Each member must register with a practising certificate issued by the education ministry and ID number.
Private school teachers are also required to indicate the school where they teach and its location.
Mujuni said the certificates and inclusion of schools will enable them verify the authenticity of the groups and their members.
As part of the terms and conditions, the funds will be accessed at a rate of 8%, both for a SACCOS and individuals.
However, Mujuni said, the smallest group should have at least 30 teachers, with no maximum limit.
A group of 30 members, he said, will only access a maximum of sh30m, an average of sh1m per member. A SACCOS can only access a maximum of sh300m.