SACCOs interest rates set at 13%

Jul 23, 2008

THE interest rates under the Prosperity For All scheme have been set at between 9% and 13% for agricultural and business activities respectively, a top official announced over the weekend.

By Godfrey Kimono

THE interest rates under the Prosperity For All scheme have been set at between 9% and 13% for agricultural and business activities respectively, a top official announced over the weekend.

The move, the official said, would enable all the Savings and Credit Cooperative Societies (SACCOs) members at every sub-county to benefit from the scheme.

Fred Omach, the finance general duties minister, disclosed this in a speech read by Keith Mugabi, the Mbarara deputy resident district representative.

Omach urged the agriculture ministry to guide farmers engage in projects with early maturity periods.

“These should be in conformity with the Government plan of providing value addition facilities in future,” the minister, argued.

He was speaking in Mbarara during the hand over of a safe to each of the 21 SACCOs in the Ankole region.

The safes were provided by the Uganda Cooperatives Savings and Credit Union (UCSCU).

UCSCU also provided rent for the SACCOs offices, burglar proofing equipment for the front offices and salary for three staff.

UCSCU is the apex organisation for SACCOs, forming part of the Prosperity For All scheme implementers.

Peter Welikhe, the UCSCU chairman, pledged to continue providing technical guidance to all SACCOs and assist them access funds from microfinance lending institutions.

“UCSCU training programmes educate SACCOs in the proper methods, procedures and principles of safe and sound operations,” Welikhe said.

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