- Eddy Kenzo defends the UNMF SACCO, citing transparency and strong performance.
- Profits reportedly rose from Shs 30M to 70M in just one year.
- Kenzo warns artists must repay loans or risk losing SACCO privileges and facing penalties.
Musician Eddy Kenzo, who also heads the Uganda National Musicians Federation (UNMF), has clarified how the Federation’s SACCO operates. UNMF previously established a SACCO that provides financial support to numerous musicians.
Nevertheless, there has been considerable discussion regarding the operation of this SACCO as some artists have previously criticized the Federation’s distribution of finances. According to Kenzo, this SACCO functions similarly to other financial entities within its category.
The Semyekozo singer explained that artists are required to maintain profiles with both the Federation and the SACCO. To qualify for a loan, artists must have legitimate channels associated with them, such as a Spotify account and a YouTube channel that demonstrate their visibility.
Kenzo noted that it is easy to identify most artists within the music scene. Additionally, when someone borrows money, they must repay it as outlined in the loan agreement.
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He mentioned that those who fail to repay their loans cannot return for further borrowing, which means they lose out on potential assistance. Conversely, those who have been timely in their payments, Kenzo mentioned, will continue to receive support. He cautioned that violating the terms and conditions could lead to imprisonment.
The singer expressed pride in the SACCO’s significant success, reporting that profits have increased from Shs 30 million to over Shs 70 million in just one year, with even more positive developments anticipated.
