Abtex Confirms Shs5 Billion Released to Music Promoters SACCO

Prominent music promoter Abbey Musinguzi, widely known as Abtex, has officially confirmed the reception of funds allocated to the Uganda Music Promoters SACCO. This development, announced during a recent general meeting, signifies a crucial step forward for music industry stakeholders seeking financial support.

Abtex clarified that the disbursed funds are not grants but loans, emphasizing that beneficiaries will be subject to rigorous assessment. This process will evaluate the appropriateness of requested amounts against genuine business needs and the borrowers’ capacity to repay the loans. The Microfinance Support Centre (MSC) will be overseeing the utilization of these taxpayer-funded resources.

While initial reports varied, Abtex indicated that the SACCO has received Shs5 billion. He explained that an earlier disbursement of Shs1.5 billion was rapidly utilized, paving the way for the subsequent release of the remaining funds. The overall government package aims to provide accessible financing for music promoters’ businesses, contingent upon adherence to repayment schedules and accountability measures.

This confirmation brings clarity to the financial support intended for the music promotion sector, offering a pathway for growth and development within the industry. The SACCO is now preparing to manage the disbursement process, ensuring that the funds benefit the intended recipients effectively and responsibly.

Source: https://www.howwe.ug/news/entertainment/43720/abtex-confirms-music-promoters-received-shs5-billion