Kayihura proposes formation of security forces bank

By Alfred Wandera, Michael Odeng and Barbra Kabahumuza

In a bid to provide security personnel with affordable financial services, the Inspector General of Police (IGP) Gen. Kale Kayihura has proposed merging of all security agency Savings and Credit Co-operative societies (Saccos) to form a bank.

"We must have our own bank and even make sure our salaries are deposited through it than depositing it in Stanbic Bank that takes our own money to South Africa," Kayihura said.

He made the remarks last week during the 5th Annual General Meeting of Police's Exodus Sacco held at UMA show ground, Lugogo in Kampala.

The function was run under the theme "Mobilization, enhancement and advancement in the Uganda Police Force".

He said merging of Saccos of Uganda Police, Uganda People's Defence Forces (UPDF) and Uganda Prisons Service can make them a formidable force to reckon with in the financial sector, since their membership is now big.

Police' Exodus Sacco has total savings of sh5b with 27, 857 membership, UPDF's Wazalendo Sacco's savings total sh23.4b with membership of 73, 000, whereas Uganda Prisons Service Sacco has total Savings of over sh3b and over 6000 membership.

Kayihura urged police officers to take advantage of the Sacco to make their businesses grow.

"Most security agencies in the world use Saccos to form their own businesses. We must also do so," he said.

He added: "So many families have benefited from the Sacco since it was started. We must therefore strengthen the margin of the Sacco so that we can be self-reliant."

Exodus Sacco started in 2007 by a resolution of the Police Council as an effort to come together to pool resources for investment in order to reduce poverty in the Police Force.

The Sacco has been technically supported by Kayihura.

Services offered by the Sacco include savings accounts, fixed deposit and loans to members which include emergency, school fees, agricultural and development loans.

Internal Affairs minister, Gen. Aronda Nyakairima, who was the chief guest, urged police officers to have high level of internal scrutiny so as to renew confidence in the operations of the Sacco.

"Wazalendo Sacco has grown to the level where they are because of the high level of scrutiny and accountability. We need to help our officers through Saccos, otherwise, they remain suspects of theft. They may end up attacking banks where they are deployed to guard because they can't get reasonable loans from there by virtue of the salaries they earn," Aronda said.

He reiterated Kayihura's call to form a bank for security forces, saying it is the decisive way of fighting poverty among the disciplined forces.

Aronda warned that Uganda risked being blacklisted before the end of this month, if Parliament did not pass the Anti-terrorism Bill into law.

There was a debate in parliament on Thursday about the Bill and it was later passed amid protests from the opposition.

Nyakairima urged the Sacco members to elect leaders not based on ranks. "Sacco members should involve officers at all levels in administration so that they can have confidence. People used to say if a corporal is elected, then what would he or she say in Bank of Uganda," he said.

Nyakairima noted the country's leaders should be scrutinized so that government programmes are implemented.

He warned against wetlands and government assets grabbing, saying the culprits should be punished.

The minister of Trade and Industry, Amelia Kyambadde, advised security officers to avoid polygamy, drug abuse and alcoholism in order to be able to save for the future.

Kyambadde said small income earners should be able to save at least 50% of their income, saying that it will help them in the future.

She also encouraged them to engage in income generating activities.

She urged Ugandan universities to emulate Ndejje University and start offering degree courses in cooperatives.

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