Cooperatives & CommunitiesEast AfricaLegalNewsOrganisations

Seventeen SACCOs pass fitness test, get registration certificates

SOROTI – Seventeen out of 18 Saccos in Soroti City East Division passed the fit-and-proper test and finally got their certificates of registration and bylaws from the registrar of cooperatives.

The certificates, according to the Soroti City Commercial Officer George William Tukei, will give the 17 successful Saccos rare access to the presidential initiative on job and wealth creation cash commonly known as Emyooga funds.

He said the local leaders’ Sacco did not get its certificate of registration due to delays in submission of documents but insisted the certificate will be delivered soon.

According to Tukei, the government allocated Shs 1.1 billion to Soroti City West and East respectively, to be disbursed to 986 associations at the parish and sub-county levels across the district.

51 SACCOs In Lira Get Emyooga Funds

Rwampara SACCOs Get Nod To Borrow Emyooga Funds

While handing over the certificates to the chairpersons, secretaries, and treasurers of the respective Saccos on April 7, 2021, at Soroti City East Division Council Hall, Tukei urged the beneficiaries to embrace a saving culture.

“You should know that you must have saved 30% of the money you are asking for. Also, the bank has to clear the resolutions by the Sacco before giving you the money. The bank’s legal team has to look at them and send them to the ministry of Trade for verification before giving you a go-ahead to withdraw the money,” Tukei said.

Meanwhile, the Resident City Commissioner Robert Adiama said the Emyooga cash is supposed to be seed capital for members of small Saccos to borrow, invest, and payback.

“I advise you to use this capital to move out of poverty and also develop the culture of saving. This is a push-up for your Saccos but not money for eating,” Adiama said.

The resident city commissioner also implored members to use the money effectively to enable them to attract more support from the government.

He also encouraged the beneficiaries to report individuals mismanaging Sacco monies.

“This can only be achieved when there are a good saving culture and financial discipline,” Adiama said.

The beneficiaries were happy.

“Some members had even threatened to withdraw their savings because they were not seeing any future in staying with the program,” said Gabriel Ekellot, the chairperson of Saloon Operators Sacco.

Buy your copy of thecooperator magazine from one of our  country- wide vending points or an e-copy on emag.thecooperator.news

Related Articles

Back to top button