The new leadership of Kyaggwe County in Mukono district is
overwhelmed the depositors
by its former Sacco management. Close to 2000, depositors lost their savings in
‘Kyaggwe County Sacco’, which closed two years ago because of mismanagement.
The group had grown its savings to over Shillings
100 million in a period of three years. Elijah Bogeere Lubanga Mulembya,
the Kyaggwe County Head, says that a huge number of complainants has overwhelmed
them ever since they declared plans of revamping the Sacco.
to Lubanga, they have directed the former Sacco Manager, Josephine Namatovu to
present the necessary information to guide them to avoid past mistakes.
//Cue in: “Tugenda era tufuba…
Cue out: …ebintu byaffe”//
Moses kyeyune, the Kyaggwe County General
Secretary notes that they have so far received over 100 people claiming to have
lost their savings in the defunct Sacco. He says that they have asked them
to back their claim with evidence so that they devise means of sorting them
//Cue in: “Abaali mwewola sente…
Cue out: …kyewali oteleseyo”//
The former Sacco
Manager, Josephine Namatovu could not be reached
for comment on the matter, as her known mobile numbers could not go through. Kiwanuka
Kagiri, one of the former Sacco members says that he lost Shillings 80, 000
that he saved three months ahead of the closure of the Sacco.
He has advised
the management of the Sacco to register it under the Kingdom Sacco ‘Ssuubilyo
Zambogo Sacco’ for proper monitoring and accountability. According
to the TIER 4 Microfinance and Money Lenders Regulations (2020), a Sacco is
required to renew its membership seven months before the expiry date.
of closure over mismanagement and handling of office, the Sacco can apply for a
new certificate of operation that can be granted upon fulfilment of the
required credentials including capital, total assets and deposits.