By David Ssempijja

THE Government is to make a law to regulate the operations of Savings and Credit Cooperative Organisations (SACCOs). Ruth Nankabirwa, the micro-finance state minister, said SACCOs were handling people’s money, yet they do not fall under the micro-finance institutions, which are governed by the Bank of Uganda.

The development will save unsuspecting individuals losing money to unscrupulous people who start SACCOs and vanish after getting millions of money from the public.

“We want to clean-up the micro-finance system because SACCOs are being managed without any laws to hold fraudsters accountable. the law may come into force before the year’s end,” Nankabirwa told reporters at the Uganda Media Centre in Kampala last week.