Police Sacco Savings Hit Shs2b
The Uganda Police’s Exodus Cooperative Savings and Credit Society Ltd (SACCO) has registered tremendous growth to the tune of over Shs2 billion in savings.
The revelation was made by the out- going chairman of Sacco, Assistant Inspector General of Police, Asan Kasingye informed members during the Annual General Meeting held at Naguru hill on Saturday.
Kasingye said that the share capital currently stands at Shs 64,680,000, loans given out to members was to the tune of Shs 75,050,000, fixed deposits is Shs 1,080,000,000, officers that have joined Sacco are 16,314 and savers are 16,314.
Exodus SACCO was started in 2007 by a resolution of Police Council as an effort to come together to pool resources for investment in order to reduce poverty in the Police Force. Sacco has been technically supported by the Inspector General of Police, Lt. Gen. Kale Kayihura.
It was registered with the cooperative society under registration number 8404.
Services offered are savings accounts, fixed deposit, loans to members which include emergency, school fees, agricultural and development loans.
Kasingye said that economic down trend that has hit the world has not spared Exodus as it has hampered its growth financially.
“Inflation has really affected operations of all financial institutions. That’s why many financial institutions these days are not giving out loans,” he said.
Kasingye informed members that the Sacco intends to increased savers to 40,000 and to open regional offices so that members can get access to information easily, mobilizing and sensitizing members in the district.
He said that the association will increase on investment in form of making fixed deposits and to computerize the account system.
New members were elected to various offices to head the association for the next one year.
SCP Laban Muhabwe was elected unopposed as the Chairman, SSP Namutebi Hadija went through un opposed as the vice-chairperson , SCP Birungi Charles as the treasure, and CP Nabakooba Judith as the secretary.
Committee members are D/C Okello Regime, IP Namwanjje, CP P.K Arinaitwe, AC Konyonyo Merinah and SSP Ogima Maxwell.
They replaced AIGP Kasingye Asan, AC Konyonyo Merinah, CP P.K Arinaitwe, AIGP Turyagumanawe Grace, CP Obache Christopher and AIP Othieno James.
The meeting was also attended by Brig. Sam Kavuma who represented the Chief of Defence Forces and SSP Frank Baine who stood in for the Commissioner General of Prisons.
Brig. Kavuma told members that the only way members of the armed Forces can walk with their head high after retirement is to save now and later.
“Saving is the only medicine to us after retiring, the cure is therefore to begin saving while you are still earning,” he said.
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Updated on 2013-05-09 09:25
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