Editor
The District Commercial Officer of Mbarara, Bwisho Adams, has urged individuals seeking loans for investment purposes to first calculate and formulate a business plan. This plan should assess the potential profit the project will generate, enabling borrowers to build the capacity to repay the loan.
Bwisho made these remarks during the thirteenth annual general meeting of the Rubindi Farmers Savings and Credit Cooperative Organization Sacco, held at St. Joseph Model Primary School in Rubindi town council, Kashari North, Mbarara district.
He emphasized that the Rubindi Farmers Savings and Credit Cooperative Organization Sacco is experiencing progressive growth under effective leadership. Bwisho endorsed the practice of publicly disclosing the names of loan defaulters, stating that it serves as a reminder to members to fulfill their repayment obligations, thus enabling Sacco’s continued progress.
Leading the event, Mr. Twashaba Simon, the Mbarara district secretary for finance and planning and the district Councilor representing Nyabisirira town council, Kashari North, highlighted the challenge of multiple borrowing leading to loan defaults. He urged the public to invest borrowed funds wisely in ventures that generate profits and foster development, cautioning against the risk of imprisonment and asset loss due to non-repayment.
Rev. Fr. Dr. Godwin Muhangi Tindyebwa, the Chairperson of the Executive Committee of the Rubindi Farmers Savings and Credit Cooperative Organization Sacco, expressed gratitude to the Uganda Micro-Finance Support Center, facilitated by the Member of Parliament for Kashari North, Hon. Bazil Bataringaya Rwankwene, for donating 50 million shillings. Fr. Dr. Muhangi outlined plans to utilize the funds to establish mobile banking services and interconnect all branches to enhance the security of members’ funds.
Moses Asiimwe, the general manager of the Rubindi Farmers Savings and Credit Cooperative Organization Sacco in Rubindi town council, Kashari North, highlighted the steady growth of the Sacco attributed to the provision of excellent financial credit services at reasonable interest rates. He affirmed Sacco’s commitment to training individuals in alignment with government programs to promote a savings culture and responsible utilization of borrowed funds for development purposes.
The Rubindi Farmers Savings and Credit Cooperative Organization Sacco operates three branches, namely Rubindi Main, Akashanda, and Igorora, serving 6487 members with total equity and liabilities exceeding 4 billion shillings.
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