The management of the Exodus Sacco would like to clarify on an online story that was published by the “Independent.co.ug” on the 12/06/2020, under the title “Police SACCO Management extends ban on loan acquisition”.
The writer further adds that “Several Police Officers had tried to get loans but in vain” And that “Police management led by the SACCO chairperson, Wilson Omoding had extended the ban, which had ended in March, to sort out issues regarding a 3 billion shillings debt”.
We would like to dismiss the story as false, malicious and misleading. We wish to put the facts right as follows;
That there is no ban on loan acquisition as alleged by the writer. The SACCO has been extending loans and shall continue doing so to members who are eligible. It is on record that since the beginning of the year, 2020, the SACCO has disbursed loans worth Ugx 3,335,570,000 to 686 members. This includes assistance loans worth Ugx 912,800,000 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.
Regarding our savings, the SACCO gives incentives of interest. Therefore, holders are strongly encouraged to continue boosting their savings to enable them buy a plot, a house or even plan for their retirement.
Tentatively all withdrawals are pending new rules after the SACCO contracted consultants who have developed a policy manual. It 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.
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.
We must all remember that the SACCO faced challenges of financial impropriety which are a subject of investigation. The investigators and auditors are reviewing all summary reports and tracing back the accounting procedures. This has enabled us to adopt accounting procedures that are accurate and transparent to avoid similar occurrences.
The SACCO reminds all members to observe the health and safety guidelines on coronavirus. We also want them to continue getting facts right to avoid putting into disrepute the brand we are trying to build.
We pledge to continue working with all media houses to promote the SACCO business model in a credible manner. Our values of transparency, Accountability, Customer service, Respect for customers, Quality service, Professionalism and integrity still remain.
SCP Wilson Omoding Otuna
Board chairperson Exodus SACCO