Masindi Emyooga beneficiaries tipped on saving culture
He also advised SACCO leaders to always keep records of defaulters, and in case they refuse to repay the loans, they should contact the MSC for action.
Masindi: The Masindi Municipality Deputy Town Clerk, Patrick Asiimwe, has asked Emyooga beneficiaries in the municipality to embrace saving culture in order to thrive in the program.
He was speaking on Friday, June 7, 2024, during the Annual General Meeting (AGM) for Emyooga SACCOs in the municipality held in the municipal chambers.
Asiimwe said that the funds are meant for benefiting members, thus advising them to make good use of the funds through borrowing, saving, and repaying the loans on time.
He said this enables other SACCO members to also benefit from the program. Asiimwe also asked the members to adopt a saving culture and buy shares, noting that this would sustain the SACCOs.
The deputy town clerk also tasked the SACCO leaders to always audit their SACCOs monthly or periodically and submit them to the commercial officer to examine their performance.
Nyangoma Robbinah, the Masindi Municipality Senior Commercial Officer, accuses the association members of failing to recover the loans since they are the guarantors.
She also clarified that the 30% for getting an Emyooga loan acts as security, so it’s mandatory to note that the money belongs to the person who has gotten the loan and can either be refunded after completing the loan or used when getting another loan.
‘’The 30% charge to get the loan is mandatory because it acts as security and your money can either be refunded after completing your loan or used to get another loan.’’
Emmanuel Twinomuhwezi, the Microfinance Support Centre (MSC) Zonal Manager Hoima said that the SACCO leaders are responsible for recovering loans from the members.
He also advised SACCO leaders to always keep records of defaulters, and in case they refuse to repay the loans, they should contact the MSC for action.
‘’It’s very simple: if they refuse to repay the loan, write to them, and if they are employed, also copy the letter to their bosses. If the defaulter fails to respond, call us; we shall involve security to ensure the funds are recovered,’’ he said.
Twinomuhwezi also reminded the SACCO leaders to ensure their certificates are renewed, saying that it will enable them to get more seed capital of 20 million shillings.
‘’We have today disbursed more capital funds of 20 million shillings to some groups in Bunyoro; unfortunately, no group from Masindi has gotten the capital seed this time around.’’
During the same AGM, the Masindi Municipality Journalists Emyooga SACCO elected new executive members, and these include Ronald Matuga, who was elected Chairperson replacing Ziwa Edward, and Robert Okumu, who was elected Vice Chairperson replacing Innocent Atuganyira.
Steven Wandera and Mariam Nakasinde retained their positions as secretary and treasurer, respectively.
Out of 18 SACCOs, 11 turned up for the AGM, and Nyangoma said they would organize an AGM for the other seven SACCOs later.
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