SACCO Administrators tipped on accountability

Sample bank notes of Ugandan shillings

NTUNGAMO- The former employee of Common Market for Eastern and Southern Africa (COMESA) in Zambia Bakunzi Zevia has argued for cooperative societies in Uganda to advocate for accountability and transparency in order to realise members’ expectations.

Bakunzi said this on Tuesday during the Itojo sub county Co-operatives Savings and Credit Society LTD annual general meeting held at St Joseph’s Catholics church Itojo in Ruhaama county Ntungamo district.

He noted that most of the co-operatives all over have collapsed due to failure by their leaders and members to be accountable.

Bakunzi hailed the Itojo sub county Sacco leadership and members for the unity and invited him as chief guest.

Cue in………….Bakunzi on accountability

Benon Musinguzi from Uganda Co-operative Savings and Credit Union implored all SACCOs in the country to register with Uganda Microfinance Regulatory Authority to get yearly license to avoid being blacklisted.

Musinguzi noted that Uganda Microfinance Regulatory Authority (UMRA) is a government agency responsible for the licensing, supervision and regulation of Tier-4 micro finance institutions, money lenders and savings cooperatives.

Cue in………….Musinguzi on licence

The Ntungamo District commercial officer Nyakatukura Geoffrey appealed to the delegates to always cascade the information and knowledge about the Itojo Sub County Sacco saying that their representation does not end before the information is passed to the members.

Cue in…………Nyakatukura on delegates

The Patron of the Itojo Sub County Sacco Lazarus Owakubariho asked members to participate in the growth of their Sacco.

Cue in………..Ariho on principals

LCV councilor Bibian Kakinoni thanked the sacco for being the SACCO of enlightenment without any form of disputes.

Cue in……….Kakinoni on Itojo

The Itojo Sub County Co-Operatives Savings and Credit Society LTD chairperson Mujuni Naboth Kwesigaabo said that the Sacco is growing steadily and tasked members to mobilize for new members in order to have more shares.

Kwesigaabo highlighted achievement, challenges and future plans renovating and re-structuring the main office block.

He thanked the delegates for turning up in big numbers and welcomed new members.

The manager Turyagasirwa Godwin and Mushabe Nathan treasurer presented the budget estimates and were approved by members. 

The Itojo Sub County Co-Operatives Savings and Credit Society LTD has over 2714 members, current assets of UGX 2,771,016,174B and Nyamukana branch.