The Speaker of Parliament, Anita Amongst, has hailed the Uganda Parliamentary Sacco for its steady growth following a Shs 9.6 billion progress in 2024, which is a 15 % enhance from final yr’s Shs8.3 billion.
In a speech learn on her behalf by the Minister of State for Commerce, Business and Cooperatives, Hon Frederick Ngobi, Speaker Amongst mentioned the Sacco’s progress is a welcome improvement, because it shields MPs and workers from predatory monetary establishments with exorbitant rates of interest and harsh phrases.
“I’m cognizant of the significance of this Sacco to its members. It’s within the curiosity of the management of Parliament that this Sacco turns into the primary and final resort for inexpensive and available capital for its members, as an alternative of counting on exorbitant and exploitative mortgage sharks on the road,” mentioned Amongst, throughout the Sacco’s twentieth Annual Common Assembly held at Parliament on Friday, 13 September 2024.
The Speaker additionally reported the upcoming success of efforts to have the Sacco compensated for its 100 acres of land in Mityana, which was compulsorily acquired by the Ministry of Defence and Veteran Affairs beneath the Land Acquisition Act Cap 235.
“I do know that regardless of the success achieved there have been challenges, in relation to compensation for land comprised of plot 21, 25, 26 and plot 107 which was compulsorily acquired by UPDF in October 2022. Each administrative and political efforts are being put in place to make sure that by way of related authorities our bodies this compensation is fulfilled,” mentioned Amongst.
She urged the Sacco administration to be revolutionary in growing new merchandise and environment friendly supply mechanism corresponding to well timed dispatch of loans, favorable financial savings, mortgage circumstances and acceptance of on-line deposits.
Minister Ngobi on his half famous that he was conscious of the challenges Saccos are dealing with as a result of a number of and uncoordinated regulatory our bodies, proposing that there ought to be a single regulator.
The Chairperson of the Sacco Board, Hon Robert Migadde (NRM, Buvuma Islands County), mentioned he plans to introduce an modification within the close to future to place proper the regulation of Saccos which he mentioned have fallen into confusion as a result of over regulation.
“Financial institution of Uganda requires us to file with them, so does the Ministry of Tourism, Commerce and Business and the Uganda Retirement Advantages Regulatory Authority. Saccos are questioning the place to go, with time we hope to come back with an modification such that we streamline the Sacco motion,” he mentioned.
He knowledgeable members {that a} courtroom ruling on whether or not the earnings from Sacco enterprise ought to be taxed was concluded and that at the moment each members’ financial savings and earnings from investments are tax exempt.
Because of this, Migadde mentioned a complete of Shs 514 million which was meant to be remitted to the Uganda Income Authority (URA) has been paid again to members.
The Chief Government Officer of the Sacco, Mr Strategies Mureebe, mentioned the investments in unit trusts and earnings from fastened pursuits all through the monetary yr have been the sport changers for the aforementioned 15 % enhance in gross revenue.
Mr Mureebe added that the establishment is celebrating progress in whole belongings from Shs 67.4 billion in 2023 to Shs 75.9 billion within the 2024 monetary yr representing 13 % enhance.
Mr Mureebe additionally reported a 36 per cent enhance within the variety of savers.
“Concerning curiosity we pay to you in your Sacco financial savings, the earlier yr we paid Shs 3.4 billion, for 2024 we paid Shs 4.7 billion to savers, which was as a result of massive enhance in members financial savings,” Mureebe mentioned.
The management acknowledged excellent contributors who they mentioned make their work seamless.
MP Robert Kasolo (NRM, Iki-Iki Nation) emerged the most effective borrower, and was acknowledged for paying again loans promptly.
The Minister of Lands, Housing and City Planning, Hon. Judith Nabakooba was awarded the most effective shareholder whereas MP Fredrick Angura (NRM, Tororo County South) Angura was honored as the most effective saver.
Distributed by APO Group on behalf of Parliament of the Republic of Uganda.