The Ntungamo Resident District Commissioner, David Maxwell Kaboyo has commended SACCOs for supporting government’s effort of social-economic transformation of the communities across the country.
RDC Kaboyo noted that the availability of SACCOs nearer to the public has benefited many as far as advancing financial assistance which has not been the case with commercial banks based in major towns and cities.
He made remarks on Friday as guest of honor during the Ntungamo Development Co-operative Savings and Credit Society Ltd (SACCO) annual delegates meeting held at Embassy Tours in Ntungamo municipality.
Kaboyo hailed the leadership and management of Ntungamo Development SACCO for supporting its members financially and for surviving post COVID-19 collapse.
He further warned members of the SACCO against spending luxurious on borrowed money saying that it caused a curse instead of a blessing.
The mayor Ntungamo Municipality Jacob Kafureeka urged the leadership and members of Ntungamo Development SACCO to exhibit a high level of transparency and accountability for the SACCO to flourish.
Kafureeka 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 especially board members saying that it has crippled many SACCOs in the district.
The chairperson Ntungamo Development SACCO Namanya Joshua hailed members, delegates and management led by general manager Agaba Boaz for cooperation that enabled Ntungamo Development SACCO to make profits of UGX 87,000,000 last year amidst the pandemic.
He noted there is a need to stop members from selling collateral securities with the help of village chairpersons.
The manager Agaba Boaz noted that Sacco members increased and requested them to develop a saving culture.
Manager Agaba thanked the members for saving and borrowing money from the SACCO since its inception.
The best performing members were awarded gifts.
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