The Ntungamo Resident District Commissioner George Bakunda has expressed optimism that the only way to deal with doorstep money-lenders is to increase the number of savings and credit cooperative organizations (SACCOs) at grassroots level across the country.
Bakunda noted that there has been a habit of money lenders alias Kafuna who normally confiscate and sell security collateral as the way of recovering their money before their clients failing to fulfill their financial obligations.
He urged the general public to join available strong and trusted SACCOs to access low interest loans instead of being blindfolded by kafuna people to sell off their property.
Bakunda made remarks over the weekend while presiding over the annual general meeting held at Embassy tours Ntungamo municipality that attracted over 100 delegates of Ntungamo Development SACCO.
He commended the founders of Ntungamo Development Cooperative Savings and Credit Society Ltd (SACCO) for being visionary to start a SACCO and maintaining it which has helped many members to save for the future.
The district Assistant commercial officer Tibamanya Benon Kigoora lashed out at loan defaulters who make the work of SACCOs difficult.
However, Tibamanya assured the members that under the new rules and regulations that are being drafted the loan defaulters will be arrested and punished in courts without taking a plea.
The mayor of Ntungamo Municipality Jacob Kafureeka alias Jack Jex advised members to own and market their Sacco for greater heights.
The chairperson Namanya Joshua Kansiime hailed members, delegates and management led by general manager Agaba Boaz for cooperation that enabled Ntungamo Development SACCO to make profits of UGX 92,829,795M last year.
The manager Agaba Boaz noted that Sacco members increased from 1440 to 1505 thus requesting members to develop a saving culture and highlighted achievements and challenges.
New committee members were elected and the best performing members were awarded gifts.
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