LIRA– Lira University Staff Savings and Credit Cooperation Organisation [SACCO]is fast-growing after receiving financial support of Shs100 million from President Yoweri Museveni.
According to Emma Okite, the Dean of Students, the university has accumulated a ‘reasonable’ amount of interest as a result of increased borrowing, savings and repayment of loans.
Three years ago, Museveni while presiding over the first graduation ceremonies of over 300 students at the university, pledged to support the SACCO after the Vice-chancellor, Prof Jasper Ogwal Okeng, informed him of the development.
“As staff of the young growing university, we want to bring to your attention that, we have formed a SACCO and it’s still running well,” Ogwal said then, requesting the president to support the group he said would improve the members’ welfare.
Okite said less than 50 staff started the SACCO, contributing a seed capital of Shs 40mln but has since been accumulated to Shs 350mln.
“From 50 staff members, it has now grown to 100 members and we hope by the end of the year out of 210 members will have joined,” she said.
The university`s senior communication officer, Patrick Opio said the SACCO picked up when President Museveni fulfilled his pledge.
“The President fulfilled his pledge of Shs100mln and gave us a boost to attract big borrowers and new members,” Opio said.
Opio said the factors that have contributed to the growth of the SACCO are; a low interest rate of 5 percent and timely loan repayment.
He added that the SACCO has improved the welfare of the university staff, increased household income, and enhanced livelihoods.
He said before the SACCO was formed, the university`s staff were facing financial challenges such as paying school fees for their children as well as financing their immediate needs.
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