Singahakye calls for strict laws governing SACCOs

Ntungamo district chairperson, Denis Singahakye has appealed to the government to enact tough laws to govern the management of funds of SACCOs so as to deter embezzlement of funds.

"The public has lost a lot of money in savings and shares they had in SACCOs to the staff and other leaders because the law is silent on such people. The government should come up with a tough law so that whoever is found guilty of mismanagement of public money is forced to refund double of what he/she has mismanaged," he said.

Singahakye made the remarks on Saturday at Rwashamaire Social Centre in Ntungamo district, while handing out prizes to the lucky winners who participated in a draw for Kajara SACCO in a competition that started in November last year.

The SACCO's general manager, Yusuf Akamukwatsa, said they did that to give back to their clients as well as to boost the SACCO's operations. He said at least 160 clients participated in the draw.

Singahakye said the unity of people in such cooperatives is the core base of development in the area and he vowed to deal with any person trying to fail such a program.

"I hope the government will give us a hand to make sure public funds are no longer mismanaged in the hands of individuals who want quick gain," he said.

He added that many SACCOs within and outside the district have collapsed at the hands of the few individuals and they are at large because there is no strong law to implicate them.

"This SACCO has been growing steadily for the years and it's because of having stable leadership and staff," he said of the management of Kajara SACCO.

Singahakye said the biggest problem that people have is the lack of information and urged the public to do whatever it takes to get information by reading newspapers, viewing television and listening to radios if they are to develop so fast.

The chairperson of the SACCO's board of directors, Boaz Luhimazi, said the SACCO has 4236 active members with a loan portfolio of sh1.2bn and share capital of sh800,000.