SOROTI CITY, February 28, 2025 – The Soroti City Plascon Painters Association has launched a Savings and Credit Cooperative Organisation [SACCO] aimed at boosting the livelihoods of its members.
The SACCO is predominantly made up of young people who are energetic and have the potential to improve their well-being, while also contributing to national development by investing in income generating projects.
At the launch of the SACCO in Juakali, Soroti City East Division in Soroti City, yesterday, Moses Kato, the Head of Sales at Plascon, a paint manufacturing company, encouraged the painters to embrace the SACCO, stating that it would enhance their economic welfare.
Kato pointed out that there is a dependency culture among painters in Uganda and urged them to be innovative in order to break free from poverty. “We found it difficult to assist painters individually. The idea of starting a SACCO is a good one that will help you, the painters. You must save and investment through this SACCO,” Kato said.
He added that Plascon is supporting the establishment of about 35 such SACCOs across the country for painters who use the company’s made paint, an initiative he believes will promote unity and development within the sector.
“It is much easier for painters to access financial assistance from development partners and government agencies when they are organised in SACCO groups,” Kato explained.
He further appealed to all painters in the Teso Subregion to embrace saving as a means of creating change in their communities.
Pius Okunga, the Chairperson of the Soroti City Painters Association, confirmed that the association is fully registered with Soroti City authorities. “Our association complies with the requirements of Soroti City East Division, with all the necessary documentation for a SACCO,” Okunga stated.
The 72 members of the SACCO pay an annual subscription fee of Shs 50,000.
Patrick Elengu, one of the members, expressed his appreciation for the milestone, stating that the SACCO will help painters solve their financial challenges more easily, especially as they often face delayed payments from employers.
“We, the painters in Soroti City, have been struggling with late payments from our bosses, but with this SACCO, we will be able to address some of our financial issues without having to wait for our employers to pay us first,” Elengu said.
https://thecooperator.news/dokolo-sacco-leaders-call-for-more-training-in-financial-literacy/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
Views: 0
