ARUA. After a year of spreading its membership across the West Nile region, Arua city mothers’ savings and credit cooperative organization (SACCO) officials have announced plans of a grand launch.
Arua city mothers’ SACCO which boosts 25 affiliated groups in the 11 districts of West Nile and about 2, 300 registered members started in June 2018.
Now with its network spread across the region, Mr Hamza Ondoga, the Arua city mothers’ SACCO chairperson told our reporter in an interview on Wednesday that they have already set September 14, 2019, as the day for the grand launch of the SACCO.
According to Ondoga, they have invited all their members in the region for the function which will be held at River Oli Division headquarters in Arua Municipality.
He said they want to use the day to educate their members on how to expand their various businesses with the money they borrow from the mother SACCO and also use the opportunity to attract more members to join the group from their respective districts.
Ondoga said Arua city mothers’ SACCO has savings worth UGX180M of which they give out UGX5M to members and groups affiliated to the SACCO on annual basis at an interest rate of 10 per cent per annum.
“Our members, especially from the village, parish, and sub-county saving groups, come through their respective SACCOs to borrow money from us and we normally give each group and direct members UGX5M to be paid at an interest rate of 10 per cent per annum which is cost-effective compared to other financial institutions,” Ondoga explained.
He said the groups are usually registered at a fee of UGX50, 000 and after paying the money, they become their full partners to benefit from the UGX5M every year.
Ondoga urged the members of the public to take advantage of the launch to get financial literacy so that they can go back and form groups to also benefit from Arua city mothers’ SACCO funds.
Ms Karim Raima, a member of Arua city mothers’ SACCO said she was forced to join the group with the aim of making her family life better.
Raima said with the money she borrowed from the SACCO last year, she has seen some change in her life through the second-hand clothes she is selling in Arua town.
“I was given UGX5M which I invested in my business of selling second-hand clothes. The business is doing so well and I can now buy food at home and pay for my three children’s school fees without any problem,” Raima said.
Ms Sherifa Ayaya, another member said they get a lot of help from Arua city mothers’ SACCO.
She said before joining the SACCO, they used to suffer so much while doing business but from the time they joined, life has not been the same again since they have managed to run their businesses without any pressure of defaulting loan payment due to the grace repayment period given.