In a twist that could rival the biblical story of Exodus, Uganda’s police officers are making a dash for the cash, leaving their own savings and credit cooperative organization, known as Exodus SACCO, in dire financial straits. The woes of this financial institution, established back in 2007 under the reign of Gen Edward Kale Kayihura, are reaching biblical proportions as members withdraw their savings at an alarming rate.
Senior Commissioner of Police (SCP) Wilson Omoding, who doubles as the chairman of Exodus SACCO and the Deputy Director of Police Operations, revealed the grim reality facing the organization. Despite efforts to provide affordable loans to police officers, withdrawals have consistently outpaced deposits, with officers pulling out a staggering 69 percent of the total funds each month.
In what could be described as a modern day exodus, junior ranking officers, representing the majority of Exodus SACCO’s membership, find themselves caught in a financial crossroad. Many claim they were coerced into joining the SACCO against their will, with allegations of superiors holding their documents hostage until they signed up. It’s a tale as old as time – join the SACCO or face bureaucratic hurdles in obtaining essential paperwork.
While the parliamentary probe into these irregularities shed light on the plight of police officers, SCP Omoding insists that the SACCO has made strides under his leadership. He emphasizes the organization’s autonomy and independence, painting a picture of a self help group striving to improve officers’ welfare without interference from police management.
But amidst the chaos, there are voices of support for Exodus SACCO. Mary Nankinga, a loyal member, sings praises of the organization’s stability and financial growth. Despite facing challenges such as dwindling membership due to retirements and voluntary exits, Nankinga remains steadfast in her belief in the SACCO’s commitment to transparency and accountability.
In a bid to salvage its reputation, Exodus SACCO management has taken swift action. They’ve reached out to the registrar of cooperatives with documentation addressing the issues raised by parliament. Additionally, they’ve sought solace in the Police Council, reminding them of the SACCO’s establishment by council resolution back in 2007.
As the saga of Exodus SACCO unfolds, one thing is clear – the road ahead is fraught with challenges. Will this financial institution weather the storm, or will it be remembered as a cautionary tale of savings gone awry?
Only time will tell.
Ends.
