The Minister of State for Finance (General Duties) Henry Musasizi Ariganyira has warned members of Rukiga SACCO against fraud and mismanagement of SACCO funds for continued growth.
While officiating the Annual General Meeting for Rukiga SACCO, Minister Musasizi revealed that most SACCOs in Uganda collapsed due to swindling of funds and mismanagement.
“I urge members, management and board to desist from issues that will affect the SACCO’s growth like fraud, mismanagement of SACCO funds, default on loans and diversion of borrowed funds to unproductive ventures and continue to embrace technology. This will enable Rukiga SACCO to continue to grow and develop sustainably.” Minister Musasizi said.
He further advised members to embrace government programs like Parish Development Model and Emyooga.
Rukiga Savings and Credit Scheme Cooperative Society (RSACCO) is a member based, member founded, member owned financial institution and is duly registered as a cooperative Society under the 1991 Co-operative Act. It was started 2002 but formalized in 2003 with the registrar of co-operatives.
The SACCO has more than 20,000 members, 1 main office and 5 branches in Rukiga County. Rukiga SACCO renders financial services to their members, mainly farmers. Whereas the SACCO and its branches are all located in the Rukiga County, services are also given to people who come from the neighboring districts of Ntungamo and Rukungiri, and from the other sub counties of Kabale district.
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