“SACCOs’ role is to improve pillars of Prosperity for All programme” – President Museveni

Saturday, August 24, 2019

President Yoweri Museveni has said that the role of Savings and Credit Cooperative Societies is to improve the pillars of the Government’s Prosperity for All Programme. 

“I pronounced Bonna Bagaggawale/Prosperity for All in 1995. It is based on 4 pillars namely, production, value addition, information and financial services. SACCOs fall under financial services and their roles are to improve the 4 pillars. It is your hard work and commitment towards nation building that will ensure the success of your SACCO,” he said.

The President made the remarks yesterday at Ntungamo District Headquarters in South Western Uganda, in a speech delivered on Mr. Museveni’s behalf by the Head of the Anti-Corruption Unit in State House, Lt. Col. Edith Nakalema during the launch of Ntungamo Municipality People With Disability Cooperative Savings and Credit Society Ltd. The President donated Shs.20 million (UGX Twenty Million) to the SACCO to boost its activities. 

Lt. Col. Nakalema gave out prizes to the best performing members of the SACCO that saw Mr. Francis Taremwa scoop the prize for excelling in savings while Ms. Privah Nsasiirwe excelled in the number of shares. He called on the members to maintain discipline adding that it will ensure the success of their venture.

The President expressed confidence that the SACCO would prosper. He, therefore, urged the members to guard the project they had embarked on jealously and advised them to take advantage of the talents of their leaders. He also congratulated them for their commitment and sacrifice but strongly reminded them that it is important to pay back the loans they have accessed. 

He stressed the usefulness of SACCOs as instruments that ensure the culture of saving among the population. He thanked the founders of the SACCO, the management and the shareholders for the pivotal role in the establishment of the venture.

Ntungamo Resident District Commissioner, Mr. George Bakunda, saluted President Museveni and the NRM Government for numerous development projects in the country and for the emancipation of the people with disability. He commended Lt. Col. Nakalema for her work in fighting against graft and also for toiling for peace in Uganda. He used the occasion to advise members to be faithful to their SACCO. 

One of the prominent elders in Ntungamo District, Frederick Rwabukwitsi, while calling for a high standard stadium in the District, revealed that plans were under way to build a hospital for the elderly. He requested for Government support in the realization of the hospital venture. 

Mr. Edson Ngiraabakunzi, who is Chief Executive Officer of the National Union of Disabled Persons of Uganda, reported that PWDs have saved Shs.6 billion in their 1,300 SACCOs with 30,000 members. 

On her part, Privah Nsasiirwe, who is Chairperson of Ntungamo Municipality PWD Cooperative Savings and Credit Society, saluted President Museveni for the conducive environment in the country. She revealed that their SACCO was registered 3 months ago with a vision of promoting financial self-sustenance so that members are empowered to enjoy equal opportunities in society. 

She added that their mission is to make better the members’ social, economic and welfare in the Municipality irrespective of age or gender.