KAPCHORWA, Uganda — President Yoweri Kaguta Museveni has urged Ugandans to avoid borrowing money from commercial banks and money lenders, describing such actions as “toxic.”
Museveni made the remarks during a visit to the home of Doreen Yapsiwa, a beneficiary of the Parish Development Model (PDM) program, in Kabukole village, Kobil parish, Kawowo sub-County, Tingey county in Kapchorwa district.
Related posts
Instead of relying on commercial banks, Museveni encouraged Ugandans to utilize parish banks in the form of PDM SACCOs, which will receive 100 million shillings annually for five years.
Museveni’s comments came as he clarified the PDM strategy, emphasizing its goal of supporting parish residents in initiating income-generating projects to combat poverty.
The President also disclosed plans to revise the PDM rules, potentially increasing the borrowing amount to over 1 million shillings once all parish members have repaid their loans.
In addition, Museveni praised Yapsiwa for her entrepreneurial spirit, noting that her farm, which includes a banana plantation, coffee farm, and cow, is a model for others to follow.
Yapsiwa’s story is one of success, with her cow producing 16 liters of milk daily, which she sells to support her family.
Museveni’s visit was also an opportunity for him to donate a Fuso lorry and two Friesian cows to Yapsiwa, in recognition of her hard work and dedication to the PDM program.
