SACCO and VSLA leaders trained on governance and financial literacy

GULU CITY, October 25, 2024 — One hundred twenty leaders from Savings and Credit Cooperative Organizations [ SACCOs ] and Village Savings and Loan Associations [VSLAs] in the Acholi Subregion have completed a training programme focused on governance, management, and financial literacy so that they can be able to serve members better.

The three-day training, held at the Global Friendship Hotel in Gulu City, also emphasised the importance of documentation and data digitalisation as SACCOs do business.

Robert Okok, a representative of the Northern Uganda Tractor Operators and Farmers SACCO, which organised the training in collaboration with Stanbic Bank’s Business Incubator Limited, highlighted a significant knowledge gap among SACCO and VSLA leaders, saying this limits their performance.

“Research has shown that many leaders lack essential skills in governance, financial literacy, and data digitalisation, which adversely affects their operations,” he noted. “This knowledge gap has led to misappropriation of funds, poor accountability, and challenges in adapting to the digital landscape, ultimately limiting information dissemination, particularly to farmers.”

Swibic Ajok Odaki from Nwoya Mixed Farmers SACCO expressed gratitude to the organisers, stating that the training will enhance governance and management within Acholi Subregion’s SACCOs.

Patrick Otara of Pawel Angany Cooperative Society Limited echoed this sentiment, emphasising that the training will not only improve governance and management but also boost productivity across the SACCOs in Acholi Subregion.

SACCOs in Uganda continue to face challenges such as reduced revenues, insufficient cash flow, strict adherence to standard operating procedures, shortages of supplies, shrinking business contracts, inadequate input supply, low member participation, lack of trust, poor coordination, and poor democratic practices.

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