Police SACCO gives officers' spouses sh30m

KAMPALA - Seventeen spouses of officers attached to Kira Road Police Station are the first beneficiaries of a new group loan and savings scheme launched by Police Exodus Savings and Credit Cooperative Organisation (SACCO), receiving a total of shillings 30 million. 

The women, part of the Kamwokya Women Tailoring Group, a vibrant collective of Police spouses and female officers, were handed the loan during the official launch of the Group Savings and Group Loan Products at Police Headquarters in Naguru, Kampala, on Tuesday, June 24 2025.

The SACCO leadership said the new product is designed to empower Police families economically by encouraging women and spouses of officers to save together and access low-interest loans to fund projects in agriculture, small businesses, housing, and education.

“This is a strategic step towards fulfilling our mission: To economically empower members of the Uganda Police Force and their families through accessible, affordable, and sustainable financial services,” said Wilson Omoding, the Chairperson of Police Exodus SACCO.

Omoding, who returned to the Police Force last year on a two-year renewable contract following his retirement, emphasized the power of collective saving, urging policewomen and spouses to form savings groups and embrace financial discipline.

“To our devoted policewomen, you serve with courage and excellence. Now we invite you to lead again, this time in building financial strength,” he said.

“To the spouses of our officers, you are the heartbeat of our homes. You can now come together, register as groups under this product, and gain access to funding that supports your financial ambitions.”

He lauded the Kamwokya Women Tailoring Group for their initiative and promised continued mentorship and monitoring to ensure the success of all future groups under the new loan scheme.

“These group products come with numerous benefits: low interest rates, flexible repayment plans, financial training, and close mentorship. We are building a system that promotes teamwork and long-term financial stability,” Omoding noted.

SACCO Performance in 2024

The launch comes on the back of strong financial performance by the SACCO in 2024. Speaking during the 12th Annual General Meeting in March this year, Treasurer Eddy Ssekanjako revealed that Exodus SACCO posted a net surplus of sh5.53b, representing a 12% increase (sh576m) compared to the Sh4.95 billion recorded in 2023.

Interest income rose by 53% from sh6.67b in 2023 to sh10.21b in 2024, driven by increased loan disbursement. The SACCO’s loan portfolio grew by 40%, jumping from sh47.58b to sh65.52b, while total assets increased by 21% to Sh85.76b.

Membership also grew, rising from 41,711 in 2023 to 43,001 by the end of 2024. Member savings increased by 13%, from sh31.7b in 2023 to Sh35.86b in 2024.

However, the SACCO faced liquidity challenges due to high withdrawal demand and increased loan uptake.

“To stabilise cash flow, we suspended savings withdrawals from April 2023 indefinitely and temporarily halted loan buy-offs to prioritize new loan applicants and top-ups,” said Omoding. He added that Exodus SACCO also liquidated non-core assets, reducing fixtures from Sh6.26b to Sh692m.

Expenditure surged by 57% from Sh3.6 billion to Sh5.66b, mainly due to loan loss provisions and compliance with international financial reporting standards. Nonetheless, membership shares grew by 32%, from Sh14.22b to Sh18.75b, signaling increased trust in the SACCO.

Inspector General of Police (IGP) Abas Byakagaba used the event to warn police officers against falling prey to predatory lenders. He said officers taking loans from unregulated moneylenders often face harsh repayment conditions that plunge them into deeper financial problems.

“I am aware that some of our officers rush to loan sharks and end up trapped in cycles of debt. These lenders do not care how you pay them back, but Exodus SACCO does,” Byakagaba stated. “That is why we must strengthen our SACCO as the solution to our financial challenges.”

Byakagaba said the Uganda Police Force plans to organise a welfare retreat focused on improving SACCO operations and ensuring members derive maximum benefit.