SHEEMA – A section of former members of Kigarama People’s SACCO have officially left their once historical financial institution over leadership wrangles.
Located in Kanyeganyege Town Council, Sheema North Constituency, Kigarama People’s SACCO started as a public limited company with only 24 members and later registered as a SACCO on April 11, 2005.
Kigarama People’s SACCO had attracted 8797 members before 400 members of these crossed to start a new SACCO named, ‘Masheruka Community Genesis Development SACCO Ltd.’
The new SACCO was officially launched on Monday this week during the ceremony witnessed by members of parliament, including MP David Kabanda of Kasambya County.
Posiano Ntungire, one of the members of the newly formed SACCO said that most of its members have crossed from Kigarama People’s SACCO where the board chairman, Grace Rukumbagaza, insisted on staying in power even after the expiry of his two terms of service.
“Most of the members migrated from one SACCO which is around but it had a lot of confusion and people could not entrust their savings with it anymore,” Ntungire said.
Thanking the new SACCO’s founding members, Ntungire further warned their counterparts of the former SACCO to stop wishing the new SACCO bad, adding that doom will not befall the new institution as wished by those that don’t want it to prosper.
Religion, he said, should not be used to castigate the new SACCO. “We have been mobiliSing people to join our new SACCO but along the way, some leaders of Kigarama People’s SACCO have attributed our start to religious factors but people should not be misguided by religious denominations because a financial institution should be for us all irrespective of religious affiliations,” Ntungire said.
“Most of the people I had in the other SACCO [Kigarama People’s SACCO] are the ones who are here with us, which means there is something which pushed us away. For us what we want is membership boost and we shall fight it since its being traded around,” he said.
He appealed to the interim leadership to exhibit integrity and transparency while dealing with members’ funds. “You must ensure the safety of our money we don’t want panics anymore that our money has been stolen,” Ntungire said.
Sheema Municipality MP, Dickson Kateshumba, called for unity among Sheema SACCOs, warning them not to use religion to divide members in the running of the financial institutions.
“Poverty knows no religion if you are poor you can’t say that I am a poor protestant or catholic. Your emphasis should be to make money and improve on your household income,” said Kateshumba.
The MP urged the new SACCO’s leadership to make investments to boost its liquidity.“Borrow the money and invest it in productive things but not to go for luxuries,” he said.
“Cooperate with other SACCOs to bring financial literacy trainings for your co-operators,” Kateshumba said.
MP David Kabanda encouraged members to first save and grow their liquidity before thinking of loans.
“Members used to rush to SACCOs to look for loans but the most important aspect is saving. Actually, if you maintain the saving culture you will not need to go for external borrowings, ”Kabanda said.
Kabanda also appealed to the new SACCO members not to indulge in leadership scrambles. “If you don’t want your SACCO to collapse, don’t quarrel and don’t fight for leadership positions. If we are to return here, let’s find a powerful bank where we can add more money without any doubt for its development,” he warned.
The legislators contributed over Shs 10 million which they subjected to a special education loan fund.
Bosco Turyamureba, the interim board chairman said Masheruka Community Genesis Development SACCO Ltd which started on December 13, 2021, has already attracted a total of 400 members, disbursed a total of Shs 90 mln loan portfolio with a share capital of Shs 30 mln.
He said the new SACCO Ltd will be unique in Sheema district, offering health and education loans to locals in the area.
“We shall be offering a free interest health loan because currently the cost of treatment is a bit high and our locals cannot afford it. And with education loan, there will be no interest rate such that members can receive money, pay school fees and refund so that other members can benefit and eventually get what to save,” Turyamureba said.
In the next five years, Masheruka Community Genesis Development SACCO Ltd targets a membership base of 10,000 people.
“We want to increase our capital base and trust me within just two months, Genesis SACCO will be the second to Wazalendo,” Turyamureba said. Wazalendo is the UPDF’s SACCO and is said to be the biggest in the country.
He said the SACCO needs to work on a mobile banking system to sort out issues of theft and transport expenses.
“We need to speed up the mobile banking system to save our members from rapid movements and theft risks; still we need more IT support like the security systems to promote digitalisation for convenience services,” he said.
He appealed to his fellow board members to remain loyal to the members of the SACCO, for sustainability.
“I want to appeal to all board members who are here that if these members trust us to continue serving them we need to be trustworthy as well. This SACCO should not at one point collapse when we are still the board members,” Turyamureba said.
https://thecooperator.news/sheema-rukumbagaza-re-elected-board-chair-of-kigarama-peoples-sacco/
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