Minister of State for Cooperatives at the Ministry of Industry and Cooperatives, Frederick Ngobi Gume, said there’s a need to establish a cooperative bank that’s suitable for cooperator’s aspirations, reliability and simple to acquire in order to properly utilise their finances.
The Minister made remarks while presiding over a two Annual Teacher’s SACCO capacity building workshop, under their umbrella WALIMU Cooperative Union (WCU) in Kampala.
“Look at Wazalendo SACCO, WALIMU SACCO, Parliament SACCO, Prisons among others have huge sums of money kept in other banks just accumulating and the returned are enjoyed by those banks, why can’t we have our cooperative bank to collectively support our cooperative society?” Minister Gume asked.
The Minister also highlighted that the cooperative society should have a bank that is favorable with friendly interest rates due to the fact that cooperative banks are member owned and controlled.
Minister Gume added the team from the Ministry is carrying out consultations, research from within and outside the country to provide a complete report that will result in drafting of the Bill that will soon be tabled before the flow of Parliament.
However, Frederick warned corrupt teachers across the country who are used to embezzling and misusing SACCO funds to be arrested.
“I appeal to WALIMU leaders to get in touch with district officials, Chief Administration Officers (CAO’s) among others to harmonize and have details of all teachers for better monitory,” he said.
Wazalendo SACCO Chief Executive Officer (CEO), Col.Joseph Freddy Onata also urged SACCO members to embrace mind set change programs such as strategic resource mobilization to promote their social economic welfare.
“We are all advocating for cooperative banking. For example if you are going to an institution where you don’t own shares like these other banks, they will determine the rate at which they lend money; so, we want to overcome that”.
WALIMU Cooperative Union Chairperson, Steven Nabende cautioned teachers to become change agents in their communities amidst rising cases of corruption in the country.
Nabende also appealed to the government to provide more funds to the Teacher’s SACCO as a way of improving their welfare across the country.
Currently, there are 45,159 cooperatives registered in Uganda.