Angry Ikwera Sacco members demand for their savings
KWANIA-Leaders of Ikwera SACCO are under pressure after failing to release Shs 114 million savings for its members.
The SACCO located in Aduku town council, Kwania District currently has over 1,000 members with a loan portfolio of Shs 270mln.
Robert Odur, the chairperson of the SACCO said they loaned out Shs 185mln to members who have failed to service their loans.
“Ikwera SACCO for your information is one of the pioneer SACCOs in Lango Sub-region but we lost our sound financial position due to the devastating Covid-19 pandemic. The situation was made worst when we loaned out Shs 185mln, which we are yet to recover,” Odur told this reporter in a telephone interview on Thursday.
“This is a global challenge, many SACCOs are struggling but we are engaging our members not to withdraw their savings. This SACCO came from far, we started with 40 members way back in 2009 and we have steadily grown to 1,200 members. I can assure you we shall recover the loans and Ikwera SACCO will not die,” he added.
Earlier this month, Members of Kwania Mobile Money Association and Kwania Friends’ Association stormed the Ikwera SACCO offices demanding for their savings but they were shocked when the SACCO leaders told them they were constrained and unable to release the savings.
Jacob Ogwal, the Chairperson of Kwania Friends’ Association said his members are demanding Shs 14mln they saved with Ikwera SACCO since 2019.
“We had planned to withdraw Shs 5mln interest, part of the Shs 14mln savings but to our dismay, the SACCO leaders said they have no money. Several attempts to have the money withdrawn have failed. We are now demanding that the SACCO leaders pay all our savings and interest with immediate effect since we have lost hope in the SACCO,” he said.
Another individual who wants his money back is Robin Odongo, also a member of Kwania Mobile Money Association, who says he is tired of waiting and wants to put his money to better use.
Jimmy Uhuru, the LCI Chairman of Aduku township cell suspects that Ikwera SACCO leaders could have mismanaged the members’ savings, calling for an investigation into the matter.
“I’ve been receiving many cases from the group and individual members who saved with this SACCO. I have gone to the SACCO offices many times but I could hardly find the SACCO offices open. I think these people have mismanaged people’s savings and the law should take its cost,” he said.
Kwania deputy RDC Proscovia Acam directed Ikwera SACCO leaders to refund members’ savings within a period of 30 days.
Catharine Akello, Kwania district principal commercial officer blamed the mess on the failure of the SACCO leaders to conduct regular meetings.
Some of the SACCO members want the SACCO declared bankrupt and the SACCO closed.
https://thecooperator.news/performing-artiste-sacco-leaders-arrested/
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