Archive for category: savings

A long-dormant savings and cooperative credit society has been revived.

The Masindi Savings and Cooperative Credit Society Limited has been revived by members after a two-year lull.

The SACCO membership comprises mainly active and retired civil servants of the Masindi district local government.

On April 1, Moses Kalyegira, the Masindi district commercial officer, convened a special general meeting that elected a new board.

Addressing the meeting at the council chambers, Kalyegira said the SACCO had been dormant for two years because the board chairperson resigned under unclear circumstances. After her resignation other board and SACCO members lost interest in the association, Kalyegira said.

“This is a special meeting because the board has failed to perform its duties. I have engaged the former chairperson Ruth Kisakye three times to convene a meeting so she could hand it over officially but in vain. I have decided that I chair this meeting so that the SACCO can put in place a new board to start conducting business because the business couldn’t go on without signatories,” he explained.

Kalyegira said he convened the meeting because he couldn’t just sit and let the SACCO collapse. He wondered why SACCOs of people with little financial knowledge were thriving and theirs full of professionals in finance was limping.

“People have been unable to access services and yet they have money on the SACCO account because board members lost interest. Let’s forget that and start a new chapter today. I have been receiving many complaints from members about their money being idle in the bank and being deducted,” Kalyegira said.

The outgoing board treasurer, Charles Musinguzi, and the vice-chairperson Godfrey Baharagate attended the meeting.

According to Kalyegira, the SACCO, which started in 2003, at one time had about 300 members before those numbers dropped to just 100 active members currently.

“The purpose of its formation was to enhance a saving culture amongst members and to offer loans at a low-interest rate to civil servants,” he noted.

Charles Musinguzi, the outgoing treasurer told members that Shs 20 million was loaned out. He said the SACCO has Shs 6.5 million on the account. He also said there’s a time savings totaled Shs 70 million.

“Some people are willing to pay back our money but they have not done so because we have not been active. This is the time to forget the past and set a new agenda,” Musinguzi said.

He said some monies may be difficult to recover.

“The mode of recovery and saving was an automatic deduction from the salaries. Recovering this money might also be a challenge because some civil servants no longer work with us,” he said.

Elections

During the elections presided over by Moses Kalyegira, Ibrahim Nasur, the senior assistant secretary for the Kyatiri town council, was elected as the board chairperson, Charles Musinguzi, the retired personnel officer, is the new secretary and Patrick Okise, the principal internal auditor, is the treasurer.

Other board members include; Prudence Alituha, the principal fisheries officer, Godfrey Bahemuka, the district community development officer, James Mugoya, the lands officer, and Oliver Mabeho, a teacher.

The supervisory committee has David Baguma, the chief finance officer, as its chairperson while Joseph Kabubi and Mary Birungi were elected as members.

In his inaugural speech, Ibrahim Nasur said, “I am one of the people who had lost interest. This is a SACCO for technocrats. How can it fail?”

“My first agenda is to ensure that people’s money is recovered. I will also follow up to see whether the money deducted automatically for saving and repayment is remitted to the SACCO,” he stressed.

Patrick Okise, the new treasurer, urged people who had lost interest to come back.

“We need to wake up now and revive this SACCO because it can give us loans at a low interest. Every day we are exploited by banks and other financial institutions who give us loans at over 40% interest and yet we can do it ourselves at a low interest. We need to wake up now.”Okise said.

Buy your copy of thecooperator magazine from one of our country- wide vending points or an e-copy on emag.thecooperator.news

The post Long-dormant sacco in Masindi bounces back appeared first on The Cooperator News.