Teachers’ saving scheme reaps sh98m

By Solomon Butandwa in Mukono MUKONO Teachers Savings and Credit Co-operative Society (SACCO) has a monthly income of sh98m. This was disclosed by Ssalongo John Ntege Aliwaali the society’s chairperson. Aliwaali was addressing teachers from Jinja district during a study tour in Mukono. The 18-person delegation was led by , Dr. Frank Nabwiso, MP Kagoma County, Jinja district. The meeting was held in the Mukono Teachers House hall, which was also officially opened by Mrs. Matilda Mayengo, the district LCV secretary for education. Aliwaali said that over 1,600 teachers save sh2,200 per month. He also said that some teachers buy shares at sh5,000 each. He said the idea to set up SACCO was conceived 21 years ago by 11 headteachers who readily took it up with an initial capital of sh2,200, each contributing sh200. “Over 71 teachers are saving their entire salary with the society. The society now has share capital worth sh141m, savings capital of sh508.8m. The society is still building a multi-million shilling building called Mukono Teachers House,” Aliwaali revealed. Aliwaali disclosed that the society gives out loans to teachers on an 18% interest rate. ends