HOIMA, November 8, 2024 — Managers of Savings and Credit Cooperative Organisations [SACCOs] in the Bunyoro Subregion have been urged to uphold high standards of transparency, accountability, and effective management to foster the growth of SACCOs in the region.
Speaking at a recent training meeting organised by Hoima Media SACCO members, Alice Ayesiga, Hoima City Commercial Officer, emphasised that a lack of transparency, poor management, and corruption have led to the collapse of many cooperative societies in Bunyoro.
While refraining from naming specific SACCOs, Ayesiga noted that several SACCOs in both Hoima City and the broader Bunyoro Subregion have failed due to mismanagement and corrupt practices. She stressed that for SACCOs to succeed, they must be built on a foundation of trust and good governance.
Ayesiga also commended Hoima City’s media practitioners for establishing their own SACCO, highlighting that it provides them with an opportunity to save for future investments. She encouraged journalists to use the SACCO as a platform to lobby government support. “Forming a SACCO is the right way forward. It demonstrates a commitment to working together and growing together, something the government strongly supports,” she said.
Aggrey Muhumuza, the Hoima Microfinance Support Centre (MSC) Relations Manager, also praised the local journalists for forming their own SACCO, noting that SACCOs play a vital role in community development.
The MSC official assured SACCO members that by joining forces, they would be able to access loans at affordable interest rates and that MSC would provide training on financial management skills to help them effectively manage their funds.
However, Muhumuza cautioned members against loan defaults, pointing out that the failure to repay loans has contributed to the collapse of many SACCOs in the past.
Chris Nkalu, Speaker of Kikuube District and Interim Chairperson of Hoima Media SACCO, added that the SACCO would provide its members with much-needed financial support to help them escape poverty.
He further explained that many journalists earn modest salaries and often struggle to find additional income streams. “Access to financial support through the SACCO will help address this challenge,” he said, adding that they intend to register the SACCO soon.
As part of their commitment to the SACCO’s growth, members are required to pay a registration fee of Shs 20,000, contribute savings, and purchase shares in the SACCO to ensure its financial sustainability.
https://thecooperator.news/masindi-journalists-elect-new-sacco-leadership/
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