MicroFinance
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Cooperatives & Communities
Unlicensed SACCOs risk closure, accused of preying on savers
Members of unlicensed Savings and Credit Cooperative Societies (SACCOs) are at risk of losing their hard-earned savings, Philip Otim, the Apac District Commercial Officer, has warned. Available figures indicate that there are…
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Cooperatives & Communities
Lira district Employees’ SACCO revived after six-year hiatus
The Lira district Employees’ saving and credit cooperative organization (SACCO) has been revived six years after it fell dormant as a result of recurrent challenges. Established in June 2012 with the aims…
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News
SACCOs grappling with fraud, poor governance
A significant number of Savings and Credit Cooperative Organizations (SACCOs) in Uganda have suffered fraud and poor governance, a new report indicates. The report was released by the Project for Financial Inclusion…
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Cooperatives & Communities
Lango Cooperative Union in battle to recover lost assets
The leadership of Lango Cooperative Union is struggling to repossess its prime assets that were lost to private individuals. Formed in 1952 to promote cotton growing in the greater Lango sub-region, it…
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Cooperatives & Communities
Bwijanga Coffee Farmers’ Cooperative Society launches saving scheme
Members of Bwijanga Coffee Farmers’ Cooperative Society in Bwijanga Sub County, Masindi, have launched a saving scheme which they hope will help them to boost their income. Speaking at the scheme’s launch,…
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Cooperatives & Communities
Lyamujungu Cooperative reinvests all dividends to settle outstanding loan
Members of Kabale-based Lyamujungu Co-operative Financial Services Ltd have resolved to reinvest all their dividends in order to absorb the effects of the COVID-19 pandemic that has affected many financial institutions in…
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Cooperatives & Communities
Cooperators urged to embrace responsibility
Cooperators have been urged to take back control of their cooperatives by taking up membership roles and responsibilities in order to enhance the resilience and success of their organizations. During the recent…
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Cooperatives & Communities
Government sets up fund to protect SACCO members’ savings
Government has established a contingency plan for members that may lose their monies in Savings and Credit Cooperative Organizations (SACCOs). The latest safeguard has been established in form of a special Savings…
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Cooperatives & Communities
Police investigate the embezzlement of UGX 69M at Nyalit Coop
A police investigation is underway after some members of the Bukwo-based Nyalit Cooperative Society raised a red flag over alleged embezzlement of the cooperative’s funds. The said money, UGX 69 million, is…
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Cooperatives & Communities
Mwalimu SACCO members query pay deductions
Mwalimu National Sacco members in Western Kenya have threatened to stop their monthly contributions to the Sacco. The members claim that the Sacco has been making unauthorised deductions from their salaries.On Monday,…
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