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Police officers in Lango asked to join Exodus SACCO

LIRA, April 16, 2024 – Police officers in Lango Sub-region have been advised to join Exodus Cooperative Savings and Credit Cooperative Society and start saving and buying shares if they are to develop themselves.

Jimmy Patrick Okema, the North Kyoga Regional Police Spokesperson made the call during a courtesy visit to various police offices in the region.

Okema explained that the police SACCO, also known as Exodus SACCO, in which he is a member is very important as it has helped him to save but also borrow to settle his financial obligations.

“Today you cannot develop if you don’t get into saving in some of the SACCOs. It is very tricky, SACCOs are the way to go. I have been borrowing money from the SACCO [Exodus SACCO] since 2012 and it’s helping me a lot,” said Okema.

Okema expressed concern that the police salaries are not enough to enable the officers to develop faster.

“Our salaries cannot make you develop. You wait for the end of the month, it finds you have debts to clear,” he said, adding that Exodus SACCO is there there to cushion members from bank debts, and others.

He said Exodus SACCO offers members chance to buy shares, an opportunity he said should not be missed.

“We encourage officers to do saving, and buy more shares because the money we borrow, is out of our own saving and discourage people withdrawing their savings much as there is opportunity,” he said.

Meanwhile, the SACCO’s financial statements shows its net interest income increased from Shs 3.89 billion in 2022 to Shs  6.68bln in 2023.

The balance sheet also experienced growth, rising from Shs  59,77bln to Shs 70.89bln in 2023, marking an 18.8 percent increase.

Further, its assets grow from Shs 59.6bln in 2022 to Shs 70.8bln for the financial year ended December 2023. There was increase in savings portfolio by 3.1 percent  from Shs 30.76bln in 2022 to Shs 31.71bln.
The results also show an increase in share capital of Shs  4.81bln representing a growth of 51.2 percent from Shs 9.41bln in 2022 to Shs 14.22bln.

The SACCO registered a 54 percent growth in loans and advances from Shs 30.92bln in 2022 to Shs 50.20bln in 2023.

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