Nebbi women groups urged on effective funds management
However, the leaders pointed out that poor leadership is often the main obstacle preventing these benefits from being realized.
Nebbi: Women’s groups in Nebbi, operating under various Savings and Cooperative Societies (SAACOs), have been encouraged to elect leaders with integrity to ensure the effective management of their SAACO funds, thereby transforming their livelihoods.
This call was made by Nebbi Municipality leaders during a recent engagement with the “Yellow Brigade” women’s group in Alengu Cell, Abindu Division, Nebbi Municipality.
The leaders noted that many SAACOs have struggled to thrive due to poor leadership and a lack of commitment to their core goals and objectives.
Nebbi Municipality MP Hashim Sulaiman, who contributed Shillings 2 million to the group, emphasized the significant benefits of effective leadership for all SAACO groups. He advised the members to network with like-minded individuals, share experiences, and support each other’s financial goals.
The formation of SACCOs offers numerous advantages, including access to affordable credit, savings opportunities, financial education, and a supportive community.
However, the leaders pointed out that poor leadership is often the main obstacle preventing these benefits from being realized.
Nebbi Municipality Mayor Geoffrey Ngiriker urged the group to take full control of their financial journey, which he described as a beacon of financial empowerment. He stressed the importance of good leadership, noting that many SACCO groups in the area have faltered in recent years due to leadership challenges.
Jane Atimango, chairperson of the Yellow Brigade group, thanked the leaders for their support and assured them that the group would implement the knowledge gained for meaningful transformation.
In 2023, Nebbi Workers SACCO was targeted by criminals who stole approximately Shillings 16 million, with six suspects, including staff members, arrested in connection with the theft.
Mayor Ngiriker also highlighted the need for effective leadership, citing the impact of poor leadership on many once-promising SACCOs.
He encouraged SACCOs in Nebbi to embrace ongoing government programs such as the Parish Development Model (PDM), Emyooga, and Youth Livelihood Programs, to increase their financial base.
However, Nebbi has faced challenges in recovering Emyooga funds from a number of groups across the municipality. Many SACCOs under the Emyooga initiative have been criticized for lacking a member-centric focus and the synergy needed for progress.
SACCOs offer members the opportunity to participate in decision-making processes and provide benefits like affordable credit, savings opportunities, financial education, and a supportive community.
According to a 2020 financial capability survey, only 15% of Ugandans save their money in central bank-regulated institutions, while 17% use phones for saving. Experts attribute this to Uganda’s low saving culture.
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