Bukenya pays sh10m to join SACCO
Aug 16, 2009
Vice-President Prof. Gilbert Bukenya has paid sh10m to join the Parliamentary Savings and Credit Scheme (SACCO).
By Catherine Bekunda
Vice-President Prof. Gilbert Bukenya has paid sh10m to join the Parliamentary Savings and Credit Scheme (SACCO).
The SACCO, which was incorporated in 2003, has a loan portfolio of sh2.8b and member savings of sh1.8b.
The institution, started by 32 MPs and parliamentary staff, has 419 members with Bukenya being the newest entrant.
Bukenya called for an increased saving culture among Ugandans if they are to overcome poverty.
“How can we have only 10% of Ugandans saving when our counterparts in Kenya are at 25% and Tanzania 28%,†he asked.
The Vice-President noted that transparency and trustworthiness were important for the survival of SACCOs.
Bukenya was speaking during the sixth annual general meeting of the SACCO at the Parliamentary Conference Hall in Kampala on Friday.
He told parliamentarians that making money and becoming rich was not sinful unless the way the money is made is fraudulent.
Bukenya urged the SACCO to invest their savings into tangible assets like real estate instead of relying on loans alone for dividends.
“We want it to be a model SACCO,†said Jalia Bintu (Independent), the vice-chairperson of the SACCO.
Vice-President Prof. Gilbert Bukenya has paid sh10m to join the Parliamentary Savings and Credit Scheme (SACCO).
The SACCO, which was incorporated in 2003, has a loan portfolio of sh2.8b and member savings of sh1.8b.
The institution, started by 32 MPs and parliamentary staff, has 419 members with Bukenya being the newest entrant.
Bukenya called for an increased saving culture among Ugandans if they are to overcome poverty.
“How can we have only 10% of Ugandans saving when our counterparts in Kenya are at 25% and Tanzania 28%,†he asked.
The Vice-President noted that transparency and trustworthiness were important for the survival of SACCOs.
Bukenya was speaking during the sixth annual general meeting of the SACCO at the Parliamentary Conference Hall in Kampala on Friday.
He told parliamentarians that making money and becoming rich was not sinful unless the way the money is made is fraudulent.
Bukenya urged the SACCO to invest their savings into tangible assets like real estate instead of relying on loans alone for dividends.
“We want it to be a model SACCO,†said Jalia Bintu (Independent), the vice-chairperson of the SACCO.