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Dear Cooperator, 
 
UCSCU is inviting you to a n online Zoom meeting for SACCOs to address the challenges (come up with a way forward) being faced by SACCOs in this COVID 19 period. Among the discassuntants will include experts from;
1. Ministry of Trade and Cooperatives, Cooperative Department
2. Uganda Microfinance Regulatory Authority (UMRA)
3. Microfinance Support Center (MSC)
 
When: Friday August 14, 2020 11:00 AM  
 
Register in advance for this meeting:
 
After registering, you will receive a confirmation email containing information about joining the meeting.
 
This meeting will also be live on our facebook page
 

Reference is made to the requests that have been received for extension of time to submit proposals to the Request For Proposals (RFP).

Due to the circumstances highlighted by the requests and the initial challenges to access the RFP document on the website, we wish to let you know that the request for extension has been granted as follows;

 

NEW deadline: 10th August 2020, 5:00PM EAT

 

The Technical & Financial Proposals MUST BE SENT via email to This email address is being protected from spambots. You need JavaScript enabled to view it.  and This email address is being protected from spambots. You need JavaScript enabled to view it.

 

NOTE: Those that have already submitted their proposals, your timely submission is highly appreciated. Should you feel the need to review and adjust your proposal, you are encouraged to do it within this time extension period.

UCSCU KADAGA1

(L-R) Parliamentary Imam, Latif Ssebagala, Speaker Rebecca Kadaga, Muslim Journalist SACCO chairman,Kassim Kayira and SACCO Secretary Sadab Kitatta. Parliament Photo.

The Speaker of Parliament Rebecca Kadaga has advised Muslim journalists to increase savings and invest wisely so that their Savings and Credit Cooperative Organization-SACCO does not collapse.

Kadaga made the statement while launching the Muslim Journalists Taqaddum Cooperative Savings and Credit Society Ltd on Friday.

She advised the SACCO leaders and members to expand their investment portfolio to include earning profits from fixed deposit accounts and also buying shares on the stock market.

Kadaga however noted that several SACCOs have been formed, grown and died in a “very short time, and therefore, this one “should not be part of “the graveyard of dead SACCOS”.

SACCOs were introduced in 2006 as a mechanism for members to meet, save money and access loans so as to eliminate poverty. However, a number of them have collapsed in the recent past due to challenges relating to financial mismanagement, low saving volumes and high default rates among others.

The Chairman of the Muslim Journalists Taqaddum SACCO Kassim Kayira concurred with Kadaga on the need for prudent management of the SACCO. He added that apart from the general fear about poor management of SACCO, journalists are poor in mobilizing resources that benefit them.

Muslim journalists mooted the idea of the SACCO after forming a Whatsapp group which resulted into the members organizing and attending social gatherings and mobilizing resources to help vulnerable people in the community. It was from such engagements that the journalists agreed to form a SACCO, based on the principles of trust, honesty and the fear of God.

He noted that the SACCO was formed to improve welfare of journalists and also insure them against old age poverty.

Kayira says the SACCO currently has 60 fully paid up members who have saved a total of 32 million Shillings in one year. He says his leadership is now aiming to register at least 40 new members by June this year.

In 2019, the SACCO invested in supplying foodstuffs to schools and earned 4.1 million Shillings. It also injected  5.7 million Shillings in a car washing bay project located in Munyoyo, Kampala.

For one to join the SACCO, he or she must buy a minimum of 10 shares, equivalent to 200,000, Shillings, save a minimum of 50,000 Shillings per month and buy at least one share per month, until they have the maximum number of 163 shares per member.

 Source: www.independent.co.ug/dont-kill-your-sacco-kadaga-tells-muslim-journalists

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