Mugabe R
Ms. Edith Tusuubira, the Executive Director of the Uganda Microfinance Regulatory Authority (UMRA), urged members of SACCOs to rely solely on their SACCOs for financial support because they are owned by the members themselves.
This message was delivered on Friday, March 8th, 2024, by Mr. Tib’s Orikiriza, the Manager overseeing SACCOs at the Uganda Microfinance Regulatory Authority (UMRA), representing the Executive Director at the 16th Annual General Meeting of Bikurungu SACCO, held at JADE Country Gardens in Bikurungu Town Council, Bwambara Sub County, Rukungiri District.
Edith Tusuubira emphasized that many people neglect SACCOs and prioritize commercial institutions and moneylenders instead of supporting their SACCOs, which are their permanent entities.
He further revealed that UMRA is developing a program to promote healthy financial habits linked to the National Identity Card, aiming to address issues such as multiple borrowing, easy borrowing, and client loss.
Ms. Atuhaire Caroline, the Senior Commercial Officer of Rukungiri District, commended the growth of Bikurungu SACCO, advocated for increased shares among the members, and invited financial institution operators and the business community to a sensitization meeting organized by the World Bank, Ministry of Finance, and Uganda Investment Authority at Heritage Hotel Rukungiri. The meeting aimed to promote government loans with subsidized interest rates, initiated as relief for COVID-19 losses.
Rubarenzya Patrick, the Chairperson of the Board of Bikurungu SACCO, expressed gratitude for the abundant growth of the SACCO and encouraged members to embrace initiatives aimed at its development.
Nahabwe Dafroza, a widow and businesswoman in Bikurungu Town Council, praised Bikurungu SACCO for supporting the education of her children.
Bikurungu SACCO has a total membership of 2,972 and assets worth 1,031,765,896/= (One billion thirty-one million seven hundred sixty-five thousand eight hundred ninety-six shillings).
