Gov't injects sh1.3b in national teachers SACCO

Teachers   Education  SACCOs 

KAMPALA - Government has injected sh1.3b into the national teachers SACCO, as part of its commitment to better their welfare.

The SACCO, dubbed WALIMU SACCOs Union, is a conglomeration of several teachers' savings groups across the country.

The money was delivered by the Worker's Member of Parliament Margaret Rwabushaija at a meeting held at the new Teachers SACCO offices in Kiwatule, a city suburb in Kampala.

"I promise to continue lobbying for your wellbeing until you achieve a decent life," Rwabushaija told the teachers.

Pledge

Government, according to Stephen Nabende, the chairperson WALIMU, committed to supporting the SACCO with sh25b over a period of five years.

This he said would enable teachers' access soft loans to start up income generating activities that would supplement their earnings.

"We have so far received sh17b and we believe that the balance (sh8b) will be remitted in the shortest time possible," Nabende said.

Nabende explained that the latest pledge they received (sh1.3b) so far will be equally distributed amongst various teachers SACCOs, with focus on SACCOs that had not yet got any funds.

He said that WALIMU, having registered a growth loan portfolio of sh24b, is currently lending out monies to the members at an interest rate not exceeding 15%.

Eligibility

For one to access the loan, he or she has to set up an income generating activity.

Nabende said trainings are given to the members, prior to accessing the loans to help them on how to manage their finances.

"Teachers are slowly developing a culture of saving and can now solve their small financial issues without getting stressed," he said.

Future plans

WALIMU has partnered with Roofings Uganda Limited to provide building materials to teachers seeking to construct houses on loans.

Patrick Kasule the secretary for education at Nansana municipality confirmed that the Nansana Teachers SACCO had received its first loan amounting to sh100m.

This, he said will be distributed to teachers, with each individual getting a loan not exceeding sh4m.

Elias Tushabe a teacher, from Mpigi district teachers Sacco also said that their Sacco had received sh500m that they will distribute to the teachers.