KAMPALA – Vice President, Jesca Alupo has attributed the growth of Uganda Savings and Cooperative Societies [SACCOs] in Uganda to a strong regulatory framework, good performance, and the growing saving culture among the population.
Alupo was days ago presiding over a dinner for West Ankole Jubilee SACCO where over Shs. 200 million was raised to enhance its survival and empower the people in the church-based SACCO.
She appreciated the church and its members for multiplying the seed capital, the share capital, and the membership of the SACCO. “I want to encourage you to continue with the spirit of multiplying, and make it valuable so that you can empower your people,” she said.
Re-echoing the words of Prof Ephraim Kamuntu, the parishioner from West Ankole who had earlier said that money increases when it is in circulation, Alupo stressed that, “Multiplying money makes communities reach, and changes families to better positions.”
She reassured the audience of government’s continued support of SACCOs, because, adding that the people in the rural areas need a strong seed capital for their SACCOs to become stronger and grow.
Alupo appreciated the management for steadily steering the SACCO through the 25 years of its existence.
She called for a renewed partnership between the church and the government in empowering people to access services.
“The church from time immemorial has been working tirelessly with government in implementing different programmes,” she said.
As government, we value you and your efforts in the transformation of our country,” she added.
She contributed Shs 20mln to the SACCO, urging its management to stick to professionalism and ethics when serving members.
In his remarks, Rt.Rev.Bishop Johnson Twinomujuni of West Ankole Diocese expressed gratitude to Alupo, saying her presence signified her dedication to development.
Bishop Twinomujuni thanked the laity of West Ankole for being determined to bring development not just in Ankole, but also to the rest of the country.
“Our country is going to greater heights because God has blessed our country. He has blessed us with fertility, richness, and good people. There is solid hope that this country is heading for a brighter tomorrow,” Twinomujuni said.
The Chairman of the SACCO, Jonas Tumwine gave a detailed account, describing the SACCO as the business arm of the Church. “A wealthy Christian will glorify God,” he said, adding that Ankole Jubilee SACCO is growing the people.
He said one of their objectives is to help rural people join the money economy through savings. “It is also our effort to bring grassroots people into the money economy, hence establishing a seed fund of the Jubilee SACCO,” he said.
Winston Katushabe, the bishop’s nominee for the SACCO’s Kampala Chapter who was the organiser of the dinner, announced a seed capital pledge of Shs 70mln from members living in Kampala
The Diocesan head of laity-Willis Bashaasha applauded the church for complementing government efforts in fighting poverty.
“We try to support the transformation journey to improve household incomes for better livelihoods,” Bashaasha said.
Several people made donations and contributions to the SACCO seeking to have an economically empowered Christian community.
“There are things that last forever. This is a treasure you can bequeath your children,” said Prof. Kamuntu as he led the auction at the dinner event.
Established in 1997 as an initiative of West Ankole Diocese, Jubilee SACCO has grown in both numbers and portfolio.
The SACCO has main branches in the districts of Bushenyi, Sheema, Mitooma, and Rubirizi, with other outlets. It has over 10,552 members, an asset value of close to Shs 12 billion, share capital of Shs 2.4bln, and savings of Shs 7.6bln.
https://thecooperator.news/vice-president-jesca-alupo-buys-shares-at-millennium-sacco-2021-ltd/
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