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Uganda parliament Speaker urges MPs to join SACCO

The Deputy Speaker of Uganda Parliament Rebbecca Kadaga has urged Members of Parliament to join the Parliamentary SACCO and give it a reasonable number of members to enable it grow.

Deputy Speaker Rebecca Kadaga

Deputy Speaker Rebecca Kadaga

SACCO’s are saving and credit cooperative organizations which were started by the government of Uganda to enable people get the required start up capital for growth and development.

The Parliamentary SACCO with about 413 members held its Annual General Meeting today (Friday 18th June, 2010) at Parliament. The members include Members of Parliament and other parliamentary staff.

She says the current number is an indication of a bad saving culture among Ugandan leaders.

Kadaga adds that the SACCO is capable of increasing its number to over 800 members if most MPs and parliamentary staff totaling to over 1000 join.

With its meagre numbers, the Parliamentary SACCO can’t be recognized by the State missing out on the government support given to SACCOs.

A Ugandan SACCO must have over 1000 members to be recognized by the Uganda Ministry of Micro Finance.

By Tiberindwa Zakaria

Ultimate Media

Related links

Effects of wholesale lending to SACCOs in Uganda

DFID financial sector deepening project Uganda

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