Janet tells Ruhaama to join SACCOS
Jun 16, 2010
<br>THE First Lady and Ruhaama MP, Janet Museveni, has urged her constituents to join the Ruhaama Development SACCOS and make more savings so as to build a strong base for investment.
By Vision Reporter
THE First Lady and Ruhaama MP, Janet Museveni, has urged her constituents to join the Ruhaama Development SACCOS and make more savings so as to build a strong base for investment.
Mrs. Museveni, who is also the Karamoja affairs state minister, was on Monday meeting the board members, supervisory committee and members of Ruhaama Development Cooperative Savings and Credit Society at Nyarutuntu county headquarters to review its progress since its creation in July 2009.
The meeting was also attended by officials from the Uganda Cooperative Savings and Credit Union, the Micro-Finance Support Centre and the Rural Financial Support Programme.
Ruhaama Development SACCOS, which was started and is supported by Mrs. Janet Museveni, covers eight sub-counties in Ruhaama and currently has 475 members, mainly women and youth.
The First Lady advised the SACCOS leaders to mobilise the over 40,000 households in Ruhaama to acquire shares and keep saving so that the money accumulates and supports them.
She warned them against getting high interest loans from other financial institutions.
“The Chinese use their big population to save their small money, which accumulates into big volumes. That is how China has become a world power,†she said.
Mrs. Museveni said Ugandans through the SACCOS are trying to put up a banking system for the rural transformation because Africa lacked indigenous banks.
She urged SACCOS to employ competent managers, loan officers and committees to achieve their oblectives.
“These people should be able to inspire others to join the SACCOS and save with it, counsel loan applicants and advise them to put the loans to profitable use,†she said.
Mrs. Museveni called for the extension of the banking system to the grassroots, saying it would boost the membership and curb expenses incurred when going to the banks.
The district chairman, who is also a member of the SACCOS’ supervisory committee, John Wycliffe Karazarwe, cautioned those who had loans to repay them promptly so that the institution does not collapse.
Lance Kashugyera from the Rural Financial Support Programme urged the people to save more during the bumper of matooke harvest season.
Wilfred Katobe of the Micro-Finance Support Centre said Ruhaama Development SACCOS had received sh50m under their agricultural loan product.
The SACCOS, through their chairperson, Jovulet Kururagire, and the supervisory committee head, Wilberforce Tumwesigye, requested for more training to boost the SACCOS.
THE First Lady and Ruhaama MP, Janet Museveni, has urged her constituents to join the Ruhaama Development SACCOS and make more savings so as to build a strong base for investment.
Mrs. Museveni, who is also the Karamoja affairs state minister, was on Monday meeting the board members, supervisory committee and members of Ruhaama Development Cooperative Savings and Credit Society at Nyarutuntu county headquarters to review its progress since its creation in July 2009.
The meeting was also attended by officials from the Uganda Cooperative Savings and Credit Union, the Micro-Finance Support Centre and the Rural Financial Support Programme.
Ruhaama Development SACCOS, which was started and is supported by Mrs. Janet Museveni, covers eight sub-counties in Ruhaama and currently has 475 members, mainly women and youth.
The First Lady advised the SACCOS leaders to mobilise the over 40,000 households in Ruhaama to acquire shares and keep saving so that the money accumulates and supports them.
She warned them against getting high interest loans from other financial institutions.
“The Chinese use their big population to save their small money, which accumulates into big volumes. That is how China has become a world power,†she said.
Mrs. Museveni said Ugandans through the SACCOS are trying to put up a banking system for the rural transformation because Africa lacked indigenous banks.
She urged SACCOS to employ competent managers, loan officers and committees to achieve their oblectives.
“These people should be able to inspire others to join the SACCOS and save with it, counsel loan applicants and advise them to put the loans to profitable use,†she said.
Mrs. Museveni called for the extension of the banking system to the grassroots, saying it would boost the membership and curb expenses incurred when going to the banks.
The district chairman, who is also a member of the SACCOS’ supervisory committee, John Wycliffe Karazarwe, cautioned those who had loans to repay them promptly so that the institution does not collapse.
Lance Kashugyera from the Rural Financial Support Programme urged the people to save more during the bumper of matooke harvest season.
Wilfred Katobe of the Micro-Finance Support Centre said Ruhaama Development SACCOS had received sh50m under their agricultural loan product.
The SACCOS, through their chairperson, Jovulet Kururagire, and the supervisory committee head, Wilberforce Tumwesigye, requested for more training to boost the SACCOS.