Emyooga saccos tipped on growth, development
Business
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In a bid to strengthen their operational foundations, infant Emyooga saccos from Mubende, Kassanda, Kyenjojo, Fort portal, Kasese, Bunyangabo and Kabarole districts have embarked on an exposure visit to well-established saccos in Rwenzori region in a bid to draw insights and strategies that could propel their own growth and development.
During the visit, officials and mentors from mainstream Saccos emphasized the importance of prioritizing professionalism over emotional attachments.
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Festus Bandeeba, the RDC of Kabarole district, emphasized that leadership is a crucial pillar for the growth of Emyooga SACCOs.
He cautioned against mixing emotional attachments with business decisions.
"We implore the leadership of our Emyooga Saccos to detach the emotional attachment. Things like am the one who started this thing, shouldn't be applied in the Sacco business because after all Emyooga is a concept designed by President Museveni to empower people in their natural endowed skills by giving them financial support."
Bandeeba praised the Microfinance Support Centre for their training sessions and visits, stating that they serve as motivation for infant Saccos to implement the lessons they've learned from more established Saccos.
Nebert Mbogo Rukidi, the board chairperson of Kihondo Tukwatanize Sacco (KITU SACCO) in Fort Portal encouraged young saccos to utilize AGMs for electing leaders, asserting that this approach would mitigate personal attachment issues.
"We have AGMs, where people must elect their own people. This issue of saying this is my brother, this is my sister doesn't come in because AGMs do not elect a family to become members of the Sacco or managers of the Sacco, so it is done by transparency through AGM."
Rukidi emphasized the importance for young Saccos to focus on gradual growth, noting that the growth of a Sacco does not happen overnight.
He also pointed out the importance of trust in fostering growth within the Sacco, highlighting that members must trust the leaders they elect.
"A Sacco is not something you can think about today and you say it will grow the next day and you find you have the billions, No, you grow gradually. So these young Emyooga circles, should be looking at gradual growth and this is brought about by many things, one of them is trust. You must trust one another, trust the people that you put in the positions, the people that you elect into electoral positions of management."
Patrick Rwakasolo, the manager of Ruwenzori Diocese Sacco (RUDI), emphasized the importance for Emyooga Saccos to always include a qualified technical person to ensure the safety and growth of their businesses.
"Any Sacco should have a technical person who can keep their books of accounts, who can know the level of the portfolio growth, who can know how to keep liquid cash, who can know how to grow the shares and visa vie the savings for members, who can create income for those Saccos, who can keep on track the loans, savings and share capital for the Sacco," Rwakasolo said.
Rwakasolo also emphasized the importance of implementing a system to streamline the Sacco's operations.
He indicated the significance of good governance, highlighting the need for sacrifice, especially in the early stages of the Sacco's development.
"You should be prepared to volunteer your time without expecting to receive compensation until the Sacco is financially stable enough to provide salaries." He added.
The Microfinance Support Centre has initiated exchange visits to enable the budding Emyooga saccos benchmark from the already established and successful mainstream saccos in Rwenzori region.
