Senior Reporter
During the 3rd Annual General Meeting at Little Ritz Gardens in Kabale Municipality, Counsel Naturinda Eliab Mporera, Chairman of the Board of Directors for Greater Kabale Community Cooperative Society Limited, advised members to adopt a new approach to borrowing and avoid money lenders known for their excessively high-interest rates.
In his address, Naturinda highlighted the challenges faced by individuals grappling with loans burdened by staggering interest rates, some soaring as high as 100%, imposed by money lenders. He emphasized the negative impact of these rates on borrowers’ financial stability and encouraged members to consider alternative options such as established SACCOs and local associations for their financial needs.
Naturinda was direct in urging leaders to prioritize community development over divisive politics, emphasizing the importance of strategic planning for progress. He called upon both members and the wider community to embrace a savings culture, underscoring its crucial role in combating poverty at both individual and societal levels.
Naturinda urged fellow board members to put aside differences arising from politics, religion, or tribe, recognizing these as potential obstacles to the cooperative’s unity. He advised caution in borrowing from money lenders, suggesting members only do so when confident of positive returns on their investments, to avoid worsening financial hardships.
As the guest of honor, Kabale Resident District Commissioner Godfrey Nyakahuma echoed Naturinda’s sentiments, advocating for increased investment in the SACCO through borrowing from the Micro Finance Center, which offers favorable interest rates as low as 0.7% to the association. Nyakahuma stressed the importance of embracing SACCOs as preferred sources of credit over other options.
Established on April 8th, 2022, with seven founding members, the Greater Kabale Community Cooperative Society Limited received registration from the Registrar of Cooperatives on November 2nd, 2022, under Registration No. P. 22305/RGS. Operating in the districts of Rubanda, Rukiga, and Kabale, with its primary location in Kabale town, the cooperative has grown from an initial capital of 5 million Shillings to over 47 million Shillings, according to Naturinda.
