State Minister for Finance in charge of Microfinance, Shartsi Kuteesa Musherure, has assumed the Microfinance portfolio, taking over from Haruna Kasolo Kyeyune, who has been overseeing the sector at the Ministry of Finance, Planning and Economic Development.
Musherure received the portfolio from Kasolo during a top management meeting chaired by Finance Minister Henry Musasizi, marking the beginning of her official work in the ministry.
The handover came a day after Musherure was sworn into office by President Yoweri Museveni at State House Entebbe, alongside Minister of State for Foreign Affairs Adonia Ayebare and Minister of State for Internal Affairs Juma Witonze Kisekka.
Her swearing in had been delayed after President Museveni appointed her to the position in July but the ceremony did not take place alongside that of other newly appointed ministers.
The delay followed the need to complete the necessary administrative and legal processes before she could formally assume her ministerial duties. Musherure eventually took the oath of office on Tuesday, August 11, 2026, clearing the way for her to take charge of the Microfinance docket.
During the handover, Kasolo highlighted what he described as significant growth and reforms achieved in the microfinance sector during his tenure.
He said the number of licensed Tier IV institutions and moneylenders increased from 901 to 1,809, while financial inclusion rose to 81 percent and formal financial inclusion reached 84 percent.
Kasolo also pointed to increased access to affordable financing, particularly through the Microfinance Support Centre.
“Through the Microfinance Support Centre, 7.6 million beneficiaries accessed affordable credit, Shs539 billion was mobilised in savings, and 2,502 projects were financed,” Kasolo said.
He added that approximately 70 percent of the financing supported agricultural value chains, providing capital to activities considered critical to household incomes and the wider economy.
Kasolo also highlighted the expansion of government-backed financial inclusion programmes, including Emyooga and the Parish Development Model.
According to Kasolo, Emyooga expanded to 7,148 SACCOs with 2.48 million members, while the Parish Development Model has been capitalised at Shs3.788 trillion and benefited more than 3.6 million households.
He said the sector had also undergone regulatory reforms aimed at strengthening oversight of Tier IV institutions and SACCOs while improving consumer protection.
“During this period, we strengthened regulation through reforms, tighter oversight of Tier IV institutions and SACCOs, and enhanced consumer protection,” Kasolo said.
Receiving the portfolio, Musherure pledged to build on the gains made by her predecessor while placing greater emphasis on regulation, affordable credit, savings and financial inclusion.
She said her priorities would include ensuring that women, young people, farmers and small businesses have greater access to affordable financial services.
“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 Ugandans,” Musherure said.
Her assumption of the portfolio comes at a time when the government is increasingly relying on SACCOs, affordable credit schemes and other community-based financial institutions to deepen financial inclusion and support household income generation.
Musherure will steer the ministry’s microfinance agenda, build on the expansion of Emyooga, the Parish Development Model and other interventions designed to increase access to finance among underserved Ugandans.
