One of the reasons SACCOs fail is failure to adhere to the rules and regulations that bind them together.
PIC: Ssendegeya addressing the members of Nansana Real Estate Dealers during the AGM.
NANSANA - "In order for a savings and cooperative society to succeed, members must adhere to the memorandum of understanding (MoU) that they created to bind them together."
This message was passed on by Henry Ssendegeya, the Wakiso District Commercial Officer, to members of Nansana Real Estate Dealers, a society that brings together businessmen engaged in real estate and agriculture, around Nansana and beyond.
“One of the reasons saccos fail is failure to adhere to the rules and regulations that bind them together,” he told the over 40 members, who gathered recently, to hold their first Annual General meeting.
The meeting was held at Kabulengwa, Nansana Municipality, Wakiso district. The group has over 50 registered members.
During the AGM, the district commercial officer asked members to take decisions as a team rather than individuals.
“Individualism, under an organisation is what kills most of these societies,” he said.
He pointed out that even as they elect their new leaders, they should be as transparent as possible.
Ssendegeya also emphasized that societies and cooperatives are also broken by poor choice of leaders.
“Elect only those people who you are sure will fulfil their promises,” he said.
The group is now fully registered with the Ministry of Cooperatives. It is also open to people from anywhere, as long as they carry similar aspirations of development.
According to the Chairman, Edwin Atukunda Bekunda, to become a member of the group, one pays an entry fee of sh20,000 and a share-holding of sh100,000. So far, the group has over 50 active members.