Browsing: Saccos

Parliament Uganda

Uganda’s microfinance unit MSC in the soup over missing $5.8M

Banking
  • Uganda Auditor-General says out of $27.7 million meant for SACCOs under the Emyooga programme only $21.8 million was disbursed.
  • Lawmakers say failure of Microfinance Support Centre staff to follow due diligence in loan disbursement was indicative of incompetence.
  • Parliament tasks MSC officials to detail the efforts put in place to ensure that the intended beneficiaries receive the funding.

A report by the Auditor-General has revealed that Uganda’s Microfinance Support Centre (MSC) failed to absorb a total of $5.87 million (USh21.2 billion) of the Emyooga grant during the 2021/22 financial year.

In his report to Parliament, the Auditor-General observed that out of $27.7 million meant for SACCOs under the Emyooga programme, only $21.8 million was disbursed.

In a meeting on July 25, with officials from the Microfinance Support Centre (MSC), legislators on the Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) queried the way the funds were used.…

Dimension Data East and West Head of Managed Security Services Dr. Bright Mawudor (left) explains how the company monitors cyber security threats for businesses at their Threat Intelligence Centre. www.theexchange.africa

Cyber attackers stealing millions from small businesses

Tech & Business

SMBs share a similar technology adoption trend to SACCOs exposing them to Cybersecurity threats that are detrimental to their growing business.
Speaking during the launch of a cyber security sensitisation campaign, Dimension Data East and West Head of Managed Security Services Dr. Bright Mawudor said there’s a looming misconception that threat actors are only focusing on large enterprises yet small businesses equally possess sensitive data that is lucrative to attackers.…