According to the state minister trade industry and co-operatives Fredrick Ngobi Gume, the cabinet papers for the co-operatives Bank is ready for submission on Monday during the cabinet meeting if all goes on well.
In a meeting between the state minister and various Sacco representatives through Uganda co-operative alliance the minister in his words assured all members that every one should play his role until when co-operatives get their own bank.
According to the secretary General Uganda co-operative Alliance (UCA) Ivan Asimwe, the tax wave that was given to co-operatives has enabled them to grow and with government support a co-operative bank is needed.
“I can tell you we are all Ugandan, we have commercial banks ,its not that we don’t have money in Uganda but this money is not appropriate and not affordable Therefore commercial banks are giving out salary loans not project loans that suit lower income investors and if your to compile every thing in Saccos alone we are around 10 trillion. With government support we can run our own bank.”Asimwe explained
Uganda co-operative Alliance held the largest share held the largest shares, it was affected by a number of challenges including managerial concerns,poor credit policy ,fraud and many others.
“Let no Sacco graduate to be a bank however big you are, every body must have a say in this bank and me as minister am for all of you because if such a thing happens you will get conflicts when you forward one Sacco to take a lead and not at any time wish to be part of the micro management of your Saccos because you have your own budgeting system and board members who can address managerial issues of the Saccos in the way forward for our bank.”
The minister for trade industry and co-operatives has left called upon all Sacco member to join up hand together with legal people to see that all the remaining paper work is done well then after a bill will forwarded to Parliament .
By Kazibwe Ashiraf