Mugabe R
Mr. Byarugaba Michael, serving as the Secretary for Production, Marketing, and Natural Resources in Rukungiri District, urged members of SACCOs to encourage non-members to join their ranks to shield them from exploitation by money lenders. He conveyed this message on Friday, April 19th, 2024, representing the LC5 Chairperson at the 10th Annual General Meeting of Bwanda SACCO, held at Rusheeshe Church of Uganda in Bwanda Parish, Buhunga Sub County, Rukungiri District.
Byarugaba Michael expressed dissatisfaction with the prevalent cheating and exploitation by money lenders, emphasizing the need for SACCO operators to stand together with their clients and members to draw in non-members towards SACCOs, ensuring transparency in financial dealings.
Ms. Atuhaire Caroline, the Senior Commercial Officer of Rukungiri, commended the steady progress of Bwanda SACCO while expressing concern over the previous year’s decline in profits from 25,878,668 to 14,897,303, which she attributed to delays in loan repayments and defaults. She advocated for enhanced sensitization to promote a savings culture and the closure of dormant accounts.
Tinkimurekura Isaiah, the Chairperson of the Board at Bwanda SACCO, disclosed plans to tighten loan disbursement procedures due to challenges arising from guarantors who merely sign for loan seekers and LC1 Chairpersons who sign for multiple borrowers, leading to defaults.
Mzee Stanley Kamparo, a member of Bwanda SACCO and a veteran cultural musician, praised Bwanda SACCO for its transparent support of agriculture and education in the area.
Bwanda SACCO boasts a membership of 1020 individuals.
