Sacco Managers warned on tapping into shareholders savings

Sacco Managers warned on tapping into shareholders savings
Rukungiri District Commercial Officer Atuhaire Carlorine addressing members of Nyakibale Development Sacco during their 14th Annual General Meeting (PHOTO BY Patson Baraire Mushaija)

RUKUNGIRI- The Commissioner of Trade in the Ministry of Trade and Industry Robert Barigye has warned Sacco Managers and staff against taking advantage of their access to shareholders savings and use their money without following the financial reporting standards. 

Mr. Barigye made the remarks today November 21st 2020 while officiating at the 14th Annual General Meeting for Nyakibale Development Sacco Ltd which took place at Nyakibale Catholic Parish in Rukungiri Municipality. 

The Commissioner said that there is a tendency by some Sacco Managers to take into shareholders  savings and this practice has led to the decline of these Saccos and he called on the Sacco Board Members to strengthen their supervisory roles so that the Sacco remain financially sound and with strong operations.

Barigye however informed the Shareholders of Nyakibale Development Sacco and similar institutions that the strength of the Sacco depends on the increased share capitalization and therefore encouraged all of them to ensure that their shares are increased to make their Sacco financially strong.

Earlier, Nyakibale Development Sacco Chairman Mpirirwe Aloysious said that the Sacco has grown its membership from 3,227 in 2018 to 4,164 members in 2019 with a total Ugx 739.4 million share capital and Ugx 1.5 million savings.

Mr. Mpiriwe however said that like other financial institutions, Nyakibale Development Sacco has been affected by Coronavirus and loan defaulters have increased blaming their failure to pay on the pandemic.

He however called on all members to develop a team spirit among the shareholders members and asked both members of the board and staff to commit themselves to work for the sustainability of the Sacco. 

During the scientific AGM, the best savers, best loan payment clients, best institutions, highest share purchaser and those who encourage other people to join the bank were given certificates of recognition. 

Turyamureeba Bosco one of the best loan clients at Nyakibale Development Sacco receiving a prize from the Commissioner of Trade Mr Robert Barigye , looking on is Rev Fr Emmanuel Safari (PHOTO BY Patson Baraire Mushaija)

These  included Busingye Tselane, Arinaitwe Eliphaz, Kakuru Paul as best individual savers, Kanyinya Tweheyo, The Comrades And Plantinum Events Managers as best Group savers, Kanyinya Vocational Training Institute, Nyakibale Upper Primary school and St Geralds SSS as best institutional saver.

The Loan Clients recognized were Tukahirwa Peter, Kameraho Gerevazio and Turyamureeba Bosco while the highest share purchaser were Hon Roland Mugume Kaginda, Kabandize Biragiro John, Kiconco Miriam and Tukahirwa Crescent all who purchased more than 100 shares and the best membership moblisers were Siku Hizi Emmanuel and Kyoshabire Emily.

The AGM was attended by Rukungiri District Commercial Officer Atuhaire Caroline and members of Management and Staff from other Saccos in Rukungiri District.