PRESIDENT MUSEVENI BOOSTS WOMEN’S SACCO WITH UGX 60M
Kabakumba Masiko, the SACCO chairperson, said the group had acquired a valid money lending license and that more members were being admitted, with more subscribers poised to buy more shares.
By Our Reporter
KAMPALA: President Museveni has donated 60 million shillings to Visionary Women’s SACCO to support their growth and vision.
The money was delivered by Vice President Jessica Alupo to the Visionary Women Entrepreneurs and Advisory Centre SACCO Limited (VWEAC) during the SACCO’s 5th Annual General Meeting held on Wednesday at Kati Kati.
She said the money will assist in the growth and implementation of their vision as they seek to increase membership and offer low-cost loans to members.
Alupo drew from President Museveni’s wisdom on the strategic need to note the difference between development and the wealth of individuals. “What you are doing as visionary women is creating individual wealth”.
The VP President encouraged all members to venture into other areas like value addition, industrialization, and ventures that empower the economy and create more jobs.
“I know that a SACCO like this has the ability to borrow from the Uganda Development Bank (UDB); we should pursue it, as long as we have a formidable project proposal”, the VP remarked, adding that “moneylessness makes one a danger to himself and to the community.
She therefore encouraged members to work hard and get money, and support the government to get money into people’s pockets through different enterprises like piggery, fruit growing, fish farming, and coffee, among others.
The politician urged the women to become examples to the 39% of the population that is outside the money economy and also asked the visionary women to maintain their roles as disciplined cadres.
Alupo encouraged members to honor their loan obligations so as to grow the portfolio and interest of the SACCO such that the interest can be re-invested.
The SACCO, which consists of over 52 women leaders who have served the country at different levels, was formed to create saving opportunities and, in the end, create a SACCO model that can grow into a women’s bank.
Currently, the 52-member Visionary Women Entrepreneurs and Advisory Centre SACCO Limited (VWEAC) has grown in leaps and bounds with a loan portfolio of close to UGX 570,000,000 and a share capital of UGX 503,000,000.
In spite of the setbacks of the COVID-19 pandemic and other challenges, VWEAC has maintained its focus on their goals: increase membership, increase savings, and increase investment.
Kabakumba Masiko, the SACCO chairperson, said the group had acquired a valid money lending license and that more members were being admitted, with more subscribers poised to buy more shares.
The group has audited books and mobilized in different regions to grow their portfolio.
Hon. Oleru Huda, MP and Minister of Veteran Affairs, who is also a member of the SACCO-Oledo, said that the SACCO’s growth and achievements are a testimony to God.
“What a miracle that six years ago, God gave us a vision; we didn’t know it would come this far. What a miracle that God chose one of us to be a vice president! We continue to pray to God that he continues to open the way and uses us to contribute to the growth of the country”.
Several leaders were present, including representatives from the Uganda Cooperative Alliance.
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