Message from the founder

Message from the founder

Message from founder

Being a community leader then, I got the idea in 2003 of starting up a financial institution because; there were no financial services nearby, people were saving money in houses and there was nowhere nearby people would get credit, start up a business and then payback in small instalments. On 13th May 2005, I mobilized religious leaders and local leaders, sold the idea to them of saving money amongst ourselves to start a microfinance which they agreed too. I then mobilized community leaders and other members to make a number of 500 members but 300 turned up for the meeting which resolved that every member pays 5000/= as membership fees and shares atleast of 10,000 and not exceeding 500,000/=

An interim committee was set up and members entrusted me with authority to register the SACCO and get a registration number, the amount collected for shares and membership was saved on my account. I visited Uganda Cooperative Alliance (U.C. A) Regional Manager for guidance, UCA advised us to start with 2 staff; We advertised and recruited Manager and Cashier who up to date are still with us. U.C.A additionally accepted to pay rent of office premises and salary for 2 staff members for 2 years. We got office premises and UCA additionally bought a safe for the strong room. The manager too additionally be a credit officer. Money for membership was used to buy stationary, we launched and the SACCO opened officially on 11th July 2005. The interim committee resolved that I mobilise at parish level since I was a community leader and indeed members open up accounts. By the end 2005 in our final accounts we made a profit of 260,000 which was promising having operated for only 5 months. In the  Annual General Meeting (AGM) of 2005, we held elections and the interim committee members were confirmed as elected Board of Directors (BOD) members for 2 years and in the 2007 Annual General Meeting (AGM) we were given mandate to serve for extra 2 years. because of our good leadership and tremendous growth of the SACCO, members have trusted the founding Board of Directors (BOD) members with leadership of the SACCO. The SACCO has seen growth to a capital base of 5,700,000,000, three branches, employing over 25 staff members as well as providing financial services to our community. I advise new members to join us and not only get services but also own the SACCO. Unlike other financial institutions, the profits we make at the end of the year are shared amongst members. Members get credit, develop themselves and pay back. Cost free account savings with no monthly charges. Annual General Meeting (AGM) sits annually to determine the operations of the institution which isn’t the case with other financial institutions.