Acting State Minister for Finance in charge of Microfinance Haruna Kasolo has handed over the microfinance portfolio to Minister Shartsi Kuteesa Musherure, pledging continuity in efforts to deepen financial inclusion and expand access to affordable credit.
The handover was conducted during a top management meeting at the Ministry of Finance, Planning and Economic Development chaired by Finance Minister Henry Musasizi.
During his tenure, Kasolo oversaw reforms and growth in the microfinance sector, with the number of licensed Tier IV institutions and moneylenders increasing from 901 to 1,809.
The developments also contributed to an increase in financial inclusion to 81 per cent, while formal financial inclusion rose to 84 per cent.
Kasolo said access to affordable finance had also expanded, with 7.6 million beneficiaries accessing credit through the Microfinance Support Centre.
He said the centre mobilised Shs539 billion in savings and financed 2,502 projects, about 70 per cent of which supported agricultural value chains.
He also highlighted the growth of government programmes, saying Emyooga had expanded to 7,148 SACCOs with 2.48 million members.
The Parish Development Model (PDM), he added, had been capitalised at Shs3.788 trillion and benefited more than 3.6 million households.
Kasolo said his tenure also saw strengthened regulation, tighter oversight of Tier IV institutions and SACCOs, and enhanced consumer protection.
Receiving the portfolio, Minister Kuteesa pledged to build on the achievements while prioritising stronger regulation, affordable credit, savings mobilisation and increased financial inclusion among women, youth, farmers and small businesses.
“The new chapter is clear: consolidate the gains, strengthen accountability and ensure that microfinance puts more money, opportunity and economic power in the hands of ordinary Ugandan’s,” Minister Kuteesa said.
