Dry spell foils Sembabule loan scheme

Sembabule. The treasurer of Mateete Micro-Finance Co-operative Trust, Mr David Kigozi, has said Sacco members in Ssembabule district are defaulting on loan repayment as a result of the long dry spell that hit the district.
Ssembalule district is predominantly occupied by Baganda, Banyankole, Bakiga and Banyarwanda who are mainly cattle keepers.
Some of the cattle keepers got loans hoping that they would pay back after they sold their cattle.
Unfortunately, the animals died due to drought.
Mr Kigozi was speaking during the 12th annual general meeting last Thursday.

The meeting was attended by members from several branches, including Lwengo, Lyantonde, and Mateete.
He warned members against giving bribes to loan officers to have their loans processed in time even when they don’t qualify to get loans.
Mr Kigozi said some members are fond of bribing loan officers to get them quick loans without following the right procedure.
“We are considering dragging such loan officers to court and relieving them of their duties because bribery is a crime and we cannot just sit back and watch when people are giving out people’s savings for their personal benefits,” he said.
Mr Gerald Kawooya, the chairperson of Mateete Finance Co-operative Trust, said members have saved more than Shs2.35b in a space of three years the Sacco has been in existence.
Kawooya aised people in rural areas to stop keeping their money in pots at home but instead keep it in banks because this will save them from being attacked by robbers.

The coordinator Uganda Co-operative Alliance in Southern Region, Mr Richard Ssenyonga, raised concern over the rate at which Saccos collapse while others close with members’ savings.
“A big numbers of Saccos collapse because of poor leadership even without celebrating their first birthday and other operators of the Sacco steal members, savings, which demoralise members,” he added.


SOURCE: Daily Monitor


President, King Oyo to co-host 1st monarchs’ summit

President Yoweri Kaguta Museveni and Omukama Oyo Nyimba Kabamba Iguru of Tooro Kingdom will co-host the first ever World Monarchs’ Summit that is slated to take place in Tooro Kingdom in September this year.The summit is expected to bring together the …