Hoima journalists form SACCO, tipped on sustainability
He explained that services are more easily delivered to groups than individuals.
Hoima: Journalists from the Greater Hoima, who are part of the Hoima Media SACCO, participated in a training aimed at helping them establish and sustain a successful SACCO (Savings and Credit Cooperative Organization).
The training which took place on Wednesday at Glory Summit Hotel in Hoima, focused on the key strategies for building a strong SACCO and ensuring its long-term viability.
Christopher Nkalu, the interim chairperson of Hoima Media SACCO, emphasized the importance of unity and doing things correctly in order to achieve success.
He highlighted the need for capacity building among the SACCO members and expressed the group’s ambition to become a role model for SACCOs in Bunyoro and Uganda at large.
Agrey Muhumuza, a public relations officer at the Microfinance Support Center Hoima branch, spoke on the importance of SACCOs in development.
He pointed out that the government does not typically provide direct support to individuals but rather to organized groups like SACCOs. He explained that services are more easily delivered to groups than individuals, and as such, SACCOs are an essential vehicle for accessing government support.
Muhumuza also shared insights into why SACCOs often fail, such as poor leadership, political interference, and religious segregation, urging SACCOs to have clear policies and strong leadership to ensure accountability and sustainability. He stressed the importance of a SACCO’s loan system as a key element of its strength.
Alice Ayesiga, the City Commercial Officer, added that a successful SACCO must have a proper address, avoid favoritism, adhere to SACCO policies, and set interest rates that are manageable for members. These guidelines, she said, are essential for fostering an effective and sustainable SACCO.
The training provided valuable insights on how to strengthen Hoima Media SACCO, positioning it to achieve its goals of growth, success, and positive impact on its members and the broader community.
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