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Acholi defaulting SACCOs face legal action

By Vision Reporter

Added 24th October 2010 03:00 AM

THE Microfinance Support Centre has taken legal action against the nine SACCOs in Acholi and Lango sub-region, which have allegedly failed to pay up more than sh250m theAy received two years ago.

THE Microfinance Support Centre has taken legal action against the nine SACCOs in Acholi and Lango sub-region, which have allegedly failed to pay up more than sh250m theAy received two years ago.

By Chris Ocowun
THE Microfinance Support Centre has taken legal action against the nine SACCOs in Acholi and Lango sub-region, which have allegedly failed to pay up more than sh250m theAy received two years ago.

The centre gives wholesale lending to SACCOs at 9% interest rate per annum.
The Kampala-based Bemua Strict Auctioneers & Court Bailiffs have already served the concerned SACCOs with letters of intention to sue, Jessica Lwanga, the centre’s Gulu chief told reporters over the weekend.

The affected savings, credit and cooperative societies operate in Gulu, Kitgum, Amuru and Lira districts.
“These institutions (defaulting) have already received notices of intention to sue from our debt collectors for failing to pay the loans they borrowed from the centre,” Lwanga said without disclosing the names of the defaulting institutions.

Wilson Wamatsembe, the centre’s deputy executive director, said they would now thoroughly sieve institutions before loaning them money.

Acholi defaulting SACCOs face legal action

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