KCCA teachers' SACCO boosted

Kampala primary school teachers under Kampala Capital City Authority (KCCA) were excited to learn that their co-operate society had accumulated a tax base of tune of sh1bn.

From a small group of three teachers from Lubaga division who mounted the idea, the SACCO now has 1107 members.

KCCA executive director Jennifer Musisi promised to boost the teachers with sh700m to enable them supplement their income. At the time of the launch of the co-operative in 2015, Musisi gave teachers from the 79 Kampala schools sh300m in addition to what they had saved.

The Kampala Primary Teachers' Multi-Purpose Co-operative Society Limited (KAPTMCOS) has registered an increase in growth of members deposits mainly due to savings and interest paid on loans extended to them at 1%.

Out of 1572 teachers in Kampala, the SACCO now has a membership of 1107 registered members. The chairman of KAPTMCOS Spelito Tumuhirwe explained that of the 350 who have so far applied for the loan 229 members have received.

During their second annual general meeting held at the President's Office boardroom, Tumuhairwe explained the growth of the SACCO, saying they are now a running collection of over sh1.2bn and we it collects sh55m per month from loan repayment and savings.

He said that if all funds are available to them by the end of the year, they will be able to give all the registered members loans and embark on businesses or projects.

The teachers intend to invest in agriculture, transport sector, education, printing and uniforms.

Initially members would borrow to a tune of sh10m, however currently members can borrow sh3m.

Musisi in her remarks told the teachers to continue saving, urging that the little funding they receive as teachers is not enough for them and their families. At the same function she announced a boost of sh50m to the teachers.

She promised the teachers that through her engagement with President Yoweri Museveni, their SACCO will be boosted like others.

She also said that she will assist teachers who intend to construct homes by engaging dealers of cement.

Musisi also told the teachers to take advantage of KCCA projects like the Kyanja model farm.