Saccos are just one of the types of cooperatives whose major aim is aancing loans to their members and also promoting savings among members. But even the youngest economist is aware that it is investment rather than savings that lead to development. And again, that most Ugandans are very poor at managing borrowed funds and majority of them have lost land, cars, furniture, houses which they offer as security when applying for loans from Saccos in the event of failing to pay back the borrowed funds which has made them poorer than ever before.
It is also worth noting that many Ugandans earn very little while others earn nothing, which makes them have nothing to save with Saccos after fighting a tag of war to satisfy just the basic needs which also makes Saccos irrelevant in Uganda .
Let the truth be told that producer cooperatives union such as Bugisu Co-operatives for coffee growers in Bugisu rather than Saccos is the right way to go.
SOURCE: Daily Monitor