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New Sacco to give out Cheap loans in Hoima

The newly launched KASSOBA SACCO is on course to open with offers of cheap loans to members of Kabalega Secondary School Old Boys Association (KASSOBA).

The official launch was on April 3 at Kolping hotel in the western Hoima town.

According to Samuel Mugisa, the interim chairperson of KASSOBA SACCO, the old boys resolved to form the SACCO in 2018 during the annual general meeting.

“The SACCO was supposed to kick off in 2020 but we were disorganized by COVID-19. But when we met again in March this year we resolved to start,” Mugisa said.

He said the SACCO has 90 registered members already and hopes to shore up the numbers to 300 members within the next two years.

“Members are buying each share at Shs 20,000. Saving has also commenced, we hope to have saved at least Shs 500 million in two years. This is going to be the ladder to the members’ economic development,” Mugisa said.

“Many of our boys have lost properties due to the high interest rates from banks and financial institutions but I am optimistic that with this SACCO, our members will be able to access loans at an affordable interest rate. We want our SACCO to be vibrant like the (army’s) Wazalendo SACCO,” he stressed.

Mugisa said in the future they will allow outsiders to access conditional loans.

“Worldwide SACCOs have been the engine of development and many people have prospered through them,” he added.

In a speech at the SACCO launching, John Tumusiime, the district commercial officer of Hoima, took members through the process of forming, sustaining, and developing a SACCO.

“If your SACCO is to move from one level to another, you have to be with a transparent leadership and also ensure that record-keeping and accountability are key. Also never leave the entire burden to the leadership. You members always participate in the day-to-day SACCO activities,” he noted.

The old boys also elected an interim committee to steer the SACCO. Samuel Mugisa is the chairperson deputized by David Muhumuza. Charles Baisa is the treasurer, Alfred Kusiima is the general secretary and Ronald Murungi is a mobilizer.

KASSOBA, which formed the SACCO was started by the old boys of Kabalega Secondary School in the western district of Masindi in the 1980s. 

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