RUKUNGIRI – The Secretary-General of Uganda Co-operative Alliance (UCA) Mr Ivan Asiimwe has urged shareholders of People’s Savings and Credit Associations (Saccos) to invest more in their share capital in order to ensure that the Sacco spurs into greater development.
Mr Asiimwe made the remarks on Saturday, September 21, 2019, while speaking at a shareholders’ workshop of Kebisoni Sacco in Kebisoni Town Council, Rukungiri district where he was the Chief Guest.
He said that it’s only the capacity to recapitalize Sacco share capital that can help it develop and be able to compete favourably in the cooperative movement so that it can serve its members without a strain.
“You as shareholders, must look beyond savings and credit and support the Sacco by buying more shares which will recapitalize its operations,” said Asiimwe.
Mr Asiimwe said that it’s only in shares where a person can invest money and be able to get profits through annual dividends which are paid back to per share without a hustle, adding that the higher the shares purchased the biggest amounts of dividends that one will get.
The Chief Guest thereafter called upon members to buy more shares and also encourage other people who have never joined to come in the system and become members.
Kebisoni Sacco has over 4000 members. The UCA boss urged the current shareholders to entrust themselves into the noble cause of recruiting other members into the Sacco.
Speaking at the same function which took place at Kebisoni Town Council Playground, Robert Asiimwe an employee of UCA, urged the members to get focused in order to live a quality life. He asked the people to invest heavily in Saccos, grow enough food for consumption and for sale, have stable incomes, and educate their children in order to live a meaningful life.
He asked members to have a financial plan for their families focused on food, income, nutrition and education (Fine) in order to be seen as community developers.
Kebisoni Sacco Chairman Rev Fr Emmanuel Safari told the gathering that although there are more than 4000 shareholders in the Sacco, majority of them had fewer shares that cannot give them higher dividends and called upon all of them to ensure that they procure more that 10 shares each.
The Kebisoni Sacco Manager Ms Advin Ainembabazi said that the Sacco has got a total of 4,123 shareholders, with Ugx1.3billion in share capital and Ugx1.8 billion in savings.