Masindi Teachers’ SACCO share capital increases to Shs56m

MASINDI – The share capital for Masindi teachers’ SACCO has increased to Shs 56 million in 2021 from Shs 47 million raised in the year 2020.

This was revealed by Joseph Rukundo, the Chairperson board Masindi teachers’ SACCO during their 15th Annual General Meeting (AGM) which was held at Lado Hotel in Masindi town.

Rukundo further noted that the SACCO’s loan portfolio also increased to Shs37 million in 2021 from Shs 36 million realised in 2020.

“Our surplus has also increased from Shs 48 million to Shs58 million which is a big achievement to us,” he added.

Rukundo also said, 64 new members were registered through engagements on radio stations for mobilisation during the lockdown.

He added that the biggest challenges they’re grappling with include; the dormant accounts, non responsive defaulters, poor saving culture and multiple borrowing by some clients.

“Currently, the SACCO is faced with 225 dormant accounts. However, they have reduced from 238.”

Gladys Tusiimire the Secretary Masindi teachers’ SACCO noted that their savings reduced from Shs 84.7 million in 2020 to 81.2 million in 2021.

She attributed this to a poor saving culture where some members save purposely for loans.

“This can be evidenced by a reduction in savings for the financial year 2021.We are also faced with a challenge of insufficient loanable funds for timely disbursement to the members and the lack of commitment by members to meet their obligation.”

Aled Ronald Akugizibwe, the Member of Parliament for Buruli county advised the teachers to always plan for their exit from the civil service when they are still energetic.

“You should always put in place a side income. Stop depending on only the salary. I don’t want to see you refusing to vacate the teachers’ headquarters after retirement,” advised Akugizibwe.

He also asked the SACCO management to use him as an MP to help them lobby for it.

“Use me to lobby for the SACCO. In case you get an opportunity, I am ready to stand with you,” he said.

Masindi Teachers’ SACCO which started in 2005 boasts of about 700 members. It was initiated by the teachers of Masindi though it was later opened to the public.

Rukundo said it was opened to the public in order to meet the demands for other sectors.

One of its goals is to become a leading SACCO entity that will grow into a bank.

Some of its services include; saving salary, business loans, school fees, agricultural and emergency loans among others.

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