Isaac Rucci, the Uganda Musicians Associations’ Sacco guru, has relented to pressure and agreed to release monies to a tune of UGX100m to artistes after several months of playing hide and seek with members of the association.
Rucci made the declaration to release the money under stringent conditions at a presser late this week where, he stated that the Sacco board had developed a product which would be able to help the sector without any savings.
He said that the formation of the ‘One size fits all,’ which means they had to invite all registered members to come and borrow UGX1m after which, they have to buy shares worth UGX400, 000 each.
Literally, one walks away with UGX600, 000 but have shares in the Sacco worth UGX400, 000 and with a grace period of six months in which they have to pay back the Shs1million. Halima Namakula, the head of loans in the UMA Sacco had also advised that the loans seek to help artistes offset Covid-19 impacts.
“If you are an artiste, register in the Sacco and be a full-time member, then come to us, we shall give you the loan after confirming your data and what you are going to use the money for,” SHE SAID.
Namakula added that the loans “are only meant to be reinvested in profit-seeking businesses and artistes will have to pay them back after a specific period of time as stipulated by the loans committee of the UMA Sacco.”
However, this resolution has angered Musicians who have since termed the condition to freshly signing up with the Sacco, as taking advantage of the association’s ‘easy-access loans,’ hence unfair and uncalled for.
Some artistes have further alleged that Rucci and other Sacco board members are bent on frustrating all their efforts to access the said funds by coming up with such unrealistic demands.
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