Govt loans sh1b to Bushenyi SACCO

By Chris Mugasha

The Government has boosted a Savings and Credit Cooperative Society (SACCOS) in Bushenyi district with sh1b. The money, which the Government extended to Kyamuhunga Peoples Savings and Credit Cooperative Society (KYAPS) through the Micro Finance Support Centre will benefit over 16,000 members.

KYAPS will pay it back in four years.

Joseph Kitandwe, the commissioner for cooperatives, handed over the cheque recently to KYAPS officials at Kyeikamba Primary School in Kyamuhunga sub-county in Bushenyi district.

Kitandwe said lack of a savings culture is hindering the country’s development. “Advise the members to invest in ventures with high returns to secure a better future,” he urged.

John Peter Mujuni, the Micro Finance Support Centre executive director, cautioned the management and the institution’s board to ensure that the money benefit the masses by giving it to them at a low interest rate.