The Deputy Speaker of Parliament and Area MP, Ruhinda North Constituency, Rt. Hon. Thomas Tayebwa has officiated at the opening of Ruhinda North Women Farmers Sacco branch in Kiyanga Sub-county, Ruhinda North, Mitooma District this afternoon.
Speaking at the function, Mr Tayebwa described Saccos as the engine of growth and encouraged the people to embrace a saving culture in the fight against poverty.
The Deputy Speaker also pledged his continued support to the people of Ruhinda North, and asked leaders at all levels to guide people on enterprise selection and saving culture in order to speed up development.
Mr Tayebwa was in particular pleased at the growth level of a model Sacco bank in his Ruhinda North Constituency. The Sacco bank started with only Shs5 million but now has a portfolio of Shs1billion.
“This is a testimony that well-managed Saccos like the one I started in Bitereko 8 years ago can actually transform peoples’, communities and alleviate poverty,” He said.
“With only Shs5 million, I started this bank in Bitereko sub-county in 2015 aiming at empowering women, and has since grown its savings to over Shs1 billion, with membership of more than 2000 people and two new branches in Kiyanga and Kanyabwanga Sub-counties.”
In order to improve economic welfare of the 39% of Ugandans outside the money economy, the Deputy Speaker reiterated that as leaders “we must encourage our people to form Saccos and embrace the culture of hard work, saving and accountability. “
