Cooperatives & CommunitiesEast AfricaFinance & BankingFinancialNews

Cooperative Members Urged To Save For Old Age

YUMBE– The members of Aupi Cooperative Saving and Credit Society Limited operating in Yumbe Town, West Nile Region has been urged to save for their old age benefits if they are to leave in a conducive environment.

The call was made by teams of Uhuru Institute for Social Development (TUI) during a two day-training of more than 80 members of Aupi Cooperative in Yumbe district on savings, finance mobilization, old age planning and surplus management of the Aupi Cooperative members.

One of the trainers Jenifer Akim, the Deputy Commercial Officer Nebbi District says, there is an urgent call for cooperative members to save for their old age benefits when they are still able to raise funds for their up keep in future.

She said the only way the elderly people could plan for their old age is by reducing the number of dependents in order to encourage savings for old age benefits which most times is impossible due to the number of mouths they have to feed.

She says, the elderly persons should empower the girl child through education and allow girls to own land which is a factor of production for commercial agriculture to support them during their old age.

“At your old age, shift to the village and leave your big house and rent part of your house to earn a leaving during your old age to avoid begging your ground children for upkeep,” Akim said.

Akim added that most retired civil servants and powerful business men are dying of frustration because they have failed to plan for their old age which should have made them live happy lives, people should  save for their future benefits.

Meanwhile, the Chief Executive Officer (CEO) Uhuru Institute for Social Development Leonard Okello says the cooperative members should start working for innovative ideas which supports their old age benefits.

He said by 2050, only 10% of the population will be in the villages but 80% will flock towns so, if a wise decision is taken by cooperators to build rental houses in town, he will leave a good life in future.

“You must prepare yourself for changes and never contribute huge sum of money to support weddings, but plan for your old age properly to distance yourself from begging,” Okello said.

According to Amana Small, one of the Aupi Cooperative members who graduated from a grass thatched house to a three-bedroomed house says, she started selling produce after her husband abandoned her with four children which made her to start thinking about old age savings two years ago.

Small adds that being in produce business for more than five years has taught her a lesson to plan for her children and old age benefits since she is a single mother.

Small who is enjoying the fruits of her sweat narrated that she started the business with Shs 2 million but has profit of more than Shs 8 million with a fully finished house and a Bajaj motorcycle to boost her transport.

“I’m planning to put rental houses to facilitate the school fees of my children since we were abandoned and their father have not been supporting me with their education such that my old age can be addressed by children,” Amana said.

Buy your copy of theCooperator magazine from one of our countrywide vending points or an e-copy on

Related Articles

Back to top button