SACCO managers advised
Sep 20, 2009
BOARD members of Savings and Credit Co-operative Societies (SACCOs) should acquire elementary skills in bookkeeping to guard against fraud by employees.
By Frederick Kiwanuka
BOARD members of Savings and Credit Co-operative Societies (SACCOs) should acquire elementary skills in bookkeeping to guard against fraud by employees.
Eriasafu Kayizzi, a board member of the Uganda Co-operative Savings and Credit Society (UCSCU), said SACCO employees could easily to swindle members’ savings if the administrators didn’t have bookkeeping skills.
“All board members should have at least some elementary knowledge in bookkeeping,†Kayizzi said while addressing participants who were attending a five-day workshop for board members and managers of 17 prominent SACCOs in central Uganda.
The workshop was organised by UCSCU, the umbrella body.
In attendance were participants from the districts of: Luweero, Masaka, Rakai, Sembabule, Mityana, Wakiso, Mubende and Mukono.
Kayizzi who also doubles as the Chairman of the Luweero District Teachers’ Savings and Credit Co-operative Society, urged the society managers to provide transparent to their members without expecting material rewards.
He said that for the SACCOs to strengthen, they should generate their own funds by intensifying mobilization of savings, instead of relying on borrowing.
Kayizzi also cautioned the SACCO managers to observe the relevant laws that govern , be transparent and keep politics out of SACCO business.
The Luweero Chief Administrative Officer (CAO) Nelson Kirenda said the SACCOs in addition to mobilize savings, should also work as change agents to reorient peoples’ attitudes towards development.
The participants through a representative asked the Government to hasten the process of implementing a law that will regulate SACCOs, so as to secure members’ savings.
BOARD members of Savings and Credit Co-operative Societies (SACCOs) should acquire elementary skills in bookkeeping to guard against fraud by employees.
Eriasafu Kayizzi, a board member of the Uganda Co-operative Savings and Credit Society (UCSCU), said SACCO employees could easily to swindle members’ savings if the administrators didn’t have bookkeeping skills.
“All board members should have at least some elementary knowledge in bookkeeping,†Kayizzi said while addressing participants who were attending a five-day workshop for board members and managers of 17 prominent SACCOs in central Uganda.
The workshop was organised by UCSCU, the umbrella body.
In attendance were participants from the districts of: Luweero, Masaka, Rakai, Sembabule, Mityana, Wakiso, Mubende and Mukono.
Kayizzi who also doubles as the Chairman of the Luweero District Teachers’ Savings and Credit Co-operative Society, urged the society managers to provide transparent to their members without expecting material rewards.
He said that for the SACCOs to strengthen, they should generate their own funds by intensifying mobilization of savings, instead of relying on borrowing.
Kayizzi also cautioned the SACCO managers to observe the relevant laws that govern , be transparent and keep politics out of SACCO business.
The Luweero Chief Administrative Officer (CAO) Nelson Kirenda said the SACCOs in addition to mobilize savings, should also work as change agents to reorient peoples’ attitudes towards development.
The participants through a representative asked the Government to hasten the process of implementing a law that will regulate SACCOs, so as to secure members’ savings.