Prime
Saccos cautioned against relying on politicians to develop
The CEO Wazalendo Sacco Col Joseph Onata (L) tours the Kanyiigo –Bulonde Community Sacco Ltd offices. On the left is the Sacco chairperson Mr Samuel Bossa. Photo | Paul Adude
What you need to know:
- Col Onata emphasised the importance of self-reliance, saying: "You can't want to benefit without wanting to own. Ask for support in critical areas, but don't rely on politicians' money."
Col Joseph Onata, CEO of Wazalendo SACCO, has warned cooperatives against relying on politicians and external funding to develop, urging them to take ownership and responsibility for their savings and investments.
"Don't rely on politicians' money, otherwise the Sacco will collapse. You started this Sacco with intentions, bear the responsibility yourselves. Own and control it through savings and shares," Onata cautioned during the launch of Kanyiigo-Bulonde Community Sacco Ltd offices in Wakiso District on Saturday.
Col Onata emphasised the importance of self-reliance, saying: "You can't want to benefit without wanting to own. Ask for support in critical areas, but don't rely on politicians' money."
By saving and investing in their Sacco, members can develop themselves and secure their future, Onata stressed.
He encouraged members to approach well-to-do individuals for support instead.
“The purpose of coming together is to offer each other support, such that if you have a gap, your colleagues can help you to cover that and that’s exactly what the Sacco does. If you find that you will retire one day in one form or another, this is the time now for you to plan in form of savings, buying shares in a Sacco and borrowing to develop yourself.”
Mr Henry Sekabembe, former Buganda Kingdom Sports Minister, advised members to focus on their jobs and avoid internal conflicts
“One thing that has helped us grow the kingdom Sacco is being able to work. When you start working you will be able to meet your responsibilities both at home and in the Sacco. You will get an income after which you will have money left over that you can save,” he said.
Mr Samuel Baker Bossa, the chairperson, emphasised the SACCO's aim of collective development through savings and investments.
“The money at which we begin with to save is very small and at times you can’t even bank it because even a person with Shs2,000 can save with us. When you save slowly and buy shares, with time you invest that money and develop yourself,” he said.
