Business

Prisons Sacco Registers Shs3.5bn Assets

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viagra 100mg http://darkriver.net/wp-includes/meta.php sans-serif; color: #222222;”>The savings scheme that was initiated in January 2007 has proved to be one of the best in the security department with an interest rate of only 13%.


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The scheme that was started with an aim of helping prison wardens acquire easy loans has tremendously grown in its share capital with currently up to 64% of the capital base comprising of members of the scheme.


Mr James Mwanje, the Chairman Supervisory Committee, compared to the 6000 members in prison departments countrywide, 5000 of their members who are in the scheme have had 80% of their welfare catered for, an issue he says, has reduced the government burden of facilitating prison wardens with everything.


Mr Alex Kennedy Opiny, the Sacco Manager, reveals that from the time since the scheme was introduced, they have had a minimal outcry from their officers because about 80% of their needs have been catered for.


He further reveals that most of their officers have been able to at least upgrade and have acquired diplomas and degrees in different disciplines.


However, Opiny said, the major challenge now is the outcry from the officers who say the repayment time needs to be extended from two years to three years which doesn’t favour the society
because they are still operating at low savings.


He advised all those who have not joined the scheme to join because the interest rate is favourable enough for their pockets.


The loan scheme ranges from Shs 500,000 to Shs 10m.

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