Parliamentary SACCO Leaders Advised to Venture into Banking

parliamentary sacco leaders advised to venture into banking
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Deputy Speaker of Parliament, Thomas Tayebwa, praised the leaders of the Parliamentary Saving and Credit Cooperative Organisation (SACCO) for their excellent work during the 19th Annual General Meeting on November 11, 2023. He suggested that the SACCO, with its strong assets of around sh67b, should consider starting a commercial bank to benefit its members even more.

Tayebwa’s suggestion came after the board chairperson, Robert Migadde, shared the growth of assets, reaching sh67b as of June 30, 2023. Tayebwa commended the SACCO for strategic decisions, such as investing in long-term ventures like treasury bonds, which generate more income.

Expressing his confidence in the SACCO’s financial stability, Tayebwa disclosed that most of his savings from Parliament’s emoluments are invested in the Parliamentary SACCO. He encouraged fellow legislators to save a significant percentage of their monthly income, emphasizing the importance of preparing for financial shocks in the future.

Tayebwa highlighted the challenge of a poor saving culture among legislators, especially due to the financial pressures associated with re-election campaigns. He urged MPs to save at least 20% of their earnings to secure their future, emphasizing the need to manage their appetite for financial risks.

Migadde informed the assembly that the SACCO has positioned itself on an international level by joining the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), providing opportunities for financial management training. The SACCO also plans to engage in Corporate Social Responsibility (CSR) by identifying and supporting needy families across the country.

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Notably, the SACCO has seen an increase in loan uptake from sh25.34b to sh33.44b. Awards were given to Pamela Kamugo for being the best borrower and Fredrick Angura for being the best saver. The meeting concluded with a resolution to write off up to sh421.3m in loans for former members who have passed away.

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