Ultimate Media
The Microfinance Support Center (MSC) has set aside 9 billion shillings to loan to citizens at low interest rates per month. The Microfinance Minister, Gen. Salim Sale says the programme will run for five years.
He says MSC will loan 40 billion shillings for the period of five month and within five years it would loan Ugandans 262 billion shillings.
Saleh says the loans are part of the prosperity for all or bonabagawale programme to enable Ugandans access finances to undertake income generating activities.
He says, however, its only people engaging in productive activities who will access MSC loans.
It’s now 33 months since President Museveni pledged prosperity for all, the programme that has caused controversy among Ugandans.
The minister clarifies that MSC loans are for all Ugandans irrespective of their political leanings. Sale says MSC would loan Ugandans at an interest fee of 9% per annum. Most commercial banks and micro finance institutions currently offer loans with interest ranging from 18percent to 35 percent.
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