The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Police Exodus Savings and Credit Cooperation Organisation –SACCO Board Chairman Wilson Omoding has downplayed reports of a ban on loans and explained that restrictions are only in place to ensure that only eligible persons access the funds.
Omoding’s response comes a few days after some Police Officers alleged that they had been denied access to loans and withdrawal of their savings during the lockdown caused by the novel Coronavirus Disease-COVID-19.
Police officers said they were being told that there is a ban on loans and withdrawals because of ongoing efforts by the SACCO’s new administration to sort out issues of unbalanced accountability records including the unpaid three billion shillings of food served to police officers through the Exodus Canteen.
However, Omoding said they there is no ban on loan acquisition adding that the SACCO has been extending loans and shall continue doing so to members who are eligible.
The SACCO, according to Omoding, has since the beginning of the year, 2020, disbursed loans worth 3.3 billion Shillings to 686 members. This includes assistance loans worth 912 million Shillings to 128 members who have been financially impacted on by the coronavirus.
“The safety of our members remains a priority during this period of the pandemic. Therefore, our loan section remains open and continues to receive applications from interested members,” Omoding said.
Omoding said tentatively, all withdrawals are pending new rules after the SACCO contracted consultants who have developed a policy manual. He said the policy has already been reviewed by the SACCO Board and forwarded to the Police Advisory Committee (PAC) for their final approval.
“We are fast-tracking the process and as soon as the withdrawal rules are adopted by PAC, members will immediately start accessing the savings on their individual accounts. We are hopeful that the Policy will be approved soon for members to carry out withdrawals within the Policy provisions,” Omoding said.
Exodus SACCO members have been encouraged to continue boosting their savings to enable them to buy a plot, a house or even plan for their retirement. This will be achieved through incentives given by the SACCO to its members.
Police SACCO has more than 32,000 members who are of both senior and junior ranks. The SACCO has been quite in the news to the extent of being discussed in parliament as police personnel said they could hardly access their savings.
The latest scandal has been about 3 billion Shillings’ debt which the SACCO’s investment arm dubbed Exodus Canteen said had been accumulated through lunch and breakfast served to police officers particularly based at headquarters.
“We are also happy to inform all members that Police management has clearly scheduled the payment of 3 billion shillings that they owe the SACCO. Although this has no serious effect on our operations, it will greatly improve our liquidity ratio,” Omoding said.
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