There is immense excitement and appreciation from the members of Opit Traders Saving and Credit Network and Loan Association towards Omoro Woman MP Hon. Catherine Lamwaka and her husband Gen. Charles Otema Awany for their generous support.
They bolstered the association with 1.2 million shillings to aid in the progress of providing smaller loans to businesspeople and school fees assistance to the needy in Omoro District.
During the annual general meeting on Tuesday, leaders were urged to support the association further. Despite already providing substantial financial assistance, Lamwaka pledged continued support to the association, recognizing it as the sole loan association fostering development among smaller businesspeople in Opit Town Council, many of whom have benefited from her previous support.
Moreover, Lamwaka vowed to financially support any interested association within Omoro District, aiding in their development struggles.
However, Opit Traders Saving and Credit Network and Loan Association are grappling with recovering debts totaling 25,702,500/= from both members and non-members who borrowed from the association.
The association, situated in Opit Upper, Omoro Town Council, Omoro District, offers loans for business, agriculture, and school fees at a 15% interest rate. Established on October 2, 2011, with 15 members raising a capital of 15,000,000/=, it currently boasts 250 active members. Since its inception, the association has disbursed 818,848,083.3/= to its members and non-members for business purposes.
Presently, the association holds 900,732,891.6/= in its account, with an accrued interest of 97,185,141.3/=.
Daniel Owor, the General Secretary of Opit Traders Saving and Credit Network and Loan Association, expressed gratitude to Lamwaka Catherine for her consistent support. However, he highlighted the challenge of recovering the 25.7 million debts accumulated between 2011 and 2023, which is impacting their loan operations. They are focused on transitioning the association from its current state to a Saving and Credit Cooperative Organization (SACCO).
