Annual General Meeting of the St. John Bosco Seminary Old Boys’ Savings and Credit Company’ Savings and Credit Company (SACCO), held a meeting at St. Nicholas Hall, Bujumbura on Friday, March 8, 2024, where the Chairperson Board of Directors of Microfinance Support Centre, Dr. Emmanuel Kiiza Aliba noted that SACCO’S are key in the development of any nation.
While quoting well to do areas with best performing SACCO’S in Uganda, Aliba attributed their rapid growth to financial discipline towards their SACCO’s.
Dr. Aliba said he sees his act of working closely with the seminary OBs’ SACCO as the best way to serve his young brothers to enter into the money economy.
Hon. Vincent Muhumuza Savana, the Chairperson St. John Bosco Seminary Old Boys’ Association in his address re-echoed the need for financial literacy before one embarks on loan uptake, without which borrowing should be limited in all SACCO’s.
“Almost every close in town is saturated with money lenders’ outlets and in most cases all these run out of float/cash,” Savana noted, adding that “the same applies to Banks and SACCO’s who are indicating to us an increased demand for borrowing, but the rate of loan recovery is so low.”
Mr. Savana reasons that financial literacy, loan management training in borrowing money economy should be key to SACCO members if they are to qualify for loans. Savana added that, “upon completion of such training, a certificate must be awarded which a member should present to SACCO management while applying for a loan and other documents like financial statements for a given period of time to track one’s financial inflows and out flows.”
Savana argued that some people borrow money and end up spending it lavishly on Ventures that cannot bring returns on investment and the loan ends up in arrears or bad debt.
This SACCO elected new Board members and the exercise was presided over by Mr. Isingoma Robert who represented the Hoima Oil City Commercial Officer.
The new person is Fr. Asiimwe Stephen, Vice-Chairperson: Mr. Katongole Edward, Secretary: Dr. Tumwine Gabriel, Treasurer: Fr. Muvure Christopher; and the following are Board members: Fr. Paul Bigirwa, Fr. Patrick Mugisa, Mr. Baguma Daniel, Mr. Vincent Savana, Mr. Ssemwema Joseph and Mr. Mbabazi Stephen. Dr. Emmanuel Kiiza Aliba is Advisor.
The standin Hoima City Commercial officer was grateful for the invitation and the entire exercise because it facilitates smooth transition and democratic systems in the SACCO.
Mr. Isingoma charged the elected officers to be accountable and to protect members interests (money).
He thanked Dr. Aliba for preaching ‘the gospel’ of the Sacco’s back home.
The OBS’ Association Chairperson Mr. Vincent Savana awarded the outgoing founder Board members of the seminary OBS’ SACCO with Certificates of appreciation.
This Sacco is a fruit of the current St. John Bosco Seminary OBS’ Executive who will hand over power on April 27, 2024 at the 4th Convention of the Old Boys’ Association.
By Fr. Patrick Museveni
Bujumbura, Hoima City
