Research indicates that saving and credit cooperative organizations (saccos) in Kisoro district are performing poorly.
This has revealed on Friday by Musinguzi Benin from Uganda Cooperatives and Savings Union (UCSCU) while speaking to representatives from different saccos in a meeting held at Kisoro district hall. The meeting was meant to form a union that will guide all the saccos in the district.
Mr. Musinguzi explained that most saccos he visited were performing below standards required by Uganda Microfinance Regulatory Authority. Some of the requirements he highlighted include supervision committee, loan committee, making monthly reports among others.
Musinguzi noted that there are three saccos which have minimum requirements in Kisoro district. He advised board members on ownership of the saccos.
The District Commercial officer, Kasungu Geoffrey noted that Nyarubuye and Rubuguri Saccos were unsuccessful due to some challenges like poor record keeping, loan defaulters, and some members over stay in power and poor saving culture. He said forming union will address such challenges facing Saccos.
Members who attended the meeting elected an interim committee that will mobilize for the formation of Kisoro Sacco’s union Mr Munyagabo David was elected to chair the interim committee deputized by Nyiramutuzo Harriet and Kozirimpa as the treasure of the union.
The elected interim chairperson Mr Munyagabo David called on residents to unite if they are to get out of poverty.