The State Minister for Local Government Hon.Victoria Businge Rusoke has launched the Kabarole District Employees SACCO that was formed by the members to promote the saving culture.
She asked members of the Kabarole District Local Government SACCO to adhere to the culture of savings and loan recovery, increase investment and membership for the cooperative to grow and develop the members.
The event was held on Friday 10th December 2021 at Kitumba district head quarters.
Rusoke who gave the SACCO One Million shillings, advised the members to remain focused, serious, heard and visible so other members of the public can learn from them.
Madam Christine Kengonzi the senior Commercial Officer Kabarole told the members that forming and joining the SACCO as an alternative venture is one way of planning for their retirement. She asked the members to observe the principles of democracy, equity, equality and solidarity during their operations noting that many SACCOs have collapsed because they don’t follow these principles.
Tumuhairwe Ronald the SACCO chairperson said, “We started this SACCO with the purpose to develop and promote the saving culture among the staff, provide affordable financial services, promote unity and welfare of the members”.
“The SACCO would only entertain the current employees of Kabarole district and the former staff who went to Fort Portal City,” Tumuhairwe Said.
Kabarole district chairperson Mr.Rwabuhinga Richard observed that money lenders and financial institutions have rendered the educated and elite people poor by lending them money and charge 20-25percent.
He said, “The village people are wiser and well mobilized in Village Savings and Credit. They save and borrow money at low interest hence protecting their property from being taken”.
The chairman said he is disappointed with the educated class who rush to the money lenders and financial institutions to borrow funds, pay high interest rates and upon failing to clear the property are grabbed without giving the client grace period to look for the money.