Kwania SACCO improves welfare of teachers
KWANIA – The socio-economic welfare of teachers in Kwania District has improved, thanks to their SACCO, Kwania District Teachers’ Co-operative Savings and Credit Society Limited.
Established in 2019 with 61 members and registered with the Registrar of Cooperatives in 2020, the teachers’ SACCO has grown to 217 members and has a loan portfolio of Shs 250 million.
With a loan interest of 7 percent, teachers in Kwania district are now enjoying the full benefits offered by their SACCO as they get cheap loans to develop themselves.
James Otim, the headteacher of Akwon Primary School in Aduku Sub-county and a member of this SACCO, says he has been relieved from paying high loans to money lending institutions since they charge exorbitant interest rates on the loans taken.
“In 2018, I borrowed money from one of a money lending institutions at 25 percent interest rate per month and they kept on deducting my salary even after paying back their loan. The matter was settled when I ran to court. With the Teachers’ SACCO, I feel relieved because I can now borrow money at low percentage interest,” he said.
Grace Atim, a teacher at St. Margaret Girls’ Primary School in Aduku town council and a member of Kwania District Teachers’ Co-operative Savings and Credit Society Limited, says the money she borrowed from the teachers’ SACCO has helped her open up a side business which is supporting her family.
“I borrowed Shs.5mln and started a restaurant in town. Sometimes my monthly salary delays but I am not bothered. The little money from my restaurant has helped me pay school fees for my kids and take care of my family,” she said.
Tom Odongo, the chairperson of the SACCO who doubles as the headteacher of Aboko Primary School rallied the SACCO members to buy more shares to develop the SACCO so that it grows to greater heights.
“I want to request Members of the Teachers’ Sacco to buy more shares to increase their borrowing ability from the Sacco. This will see more teachers accessing the loan since some of them had no abilities for loans,” he said in a brief telephone interview this Thursday.
Kwania District Education Officer Andrew Omunu said the Teachers’ SACCO has not only saved teachers from the jaws of money-lending institutions but has also improved performance.
“Multiple borrowing of loans had affected the performance of some teachers, which in turn has affected the general performance of pupils since most teachers had been spending less of their time in teaching as they look for money outside to pay off their loans,” he said.
Meanwhile, Francis Otema, the Northern Uganda Regional Manager of Walimu Cooperative Union rallied more teachers to join the SACCOs to get empowered economically.
Otema, while speaking to this reporter shortly after meeting the SACCO leaders at its offices in Ikwera ward on Wednesday said, “I’d like to implore more teachers to join this SACCO, borrow loans and use the loans to upgrade their qualifications as opposed to spending the borrowed money on luxuries.”
https://thecooperator.news/kwania-pdm-sacco-leaders-arrested-over-extortion/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
Views: 3
