Exodus SACCO members this morning convened at the Police headquarters in Naguru for the 2nd Special Annual General Meeting.
Deputy Inspector General of Police, Maj. Gen. Geoffrey Tumusiime Katsigazi presided over the AGM as Chief Guest.
The Deputy IGP said the scheme comes in to improve the welfare of the Force.
Yes, he said, “the government provides and continues to improve the welfare of the police Force.”
However, he notes that it (Government) cannot provide everything “we need.”
“It’s critical, therefore, that we support ourselves and have that saving culture,” Maj. Gen. Katsigazi said.
Maj. Gen. Katsigazi, however, says that Ugandans are terrible at saving.
“Our people have a very bad saving culture. They believe in living hand-to-mouth and the excuse is always that we have little money. The SACCO came in to bridge that gap,” he says.
He adds that it is important that the SACCO is supported.
“Interest your subordinates in the importance of saving. Saving is important. You cannot carry out investment without saving. Whatever little you have, ensure that you save a reasonable percentage of your salary. You may skip a beer or mchomo for now but five or ten years down the road, you will not regret how you spent that money because you saved,” the Deputy IGP said.
According to Maj. Gen. Katsigazi, where one invests their savings is also key
“Don’t get a loan because your neighbor has got a loan. Where you invest is also important. How do you use that money after getting that loan? Invest where you can. Don’t borrow to build a mansion that you won’t finish. Borrow within your means. Don’t compete in an unplanned way. It’s important that you are going to access cheap loans but ensure that those loans build you, not drain you. Some of you get loans to get for yourself another wife. You are adding problems. So, be serious with your planning. Be frugal in your expenditure. Don’t spend because you have money in your pocket. Spend because you have a plan,” the Deputy IGP tipped participants.
He commended the SACCO Board Chairman, SCP Wilson Omoding, for the visionary leadership he offers to the SACCO.
The Deputy IGP advised District/Division Police Commanders (DPCs) to rally their subordinates to embrace the SACCO.
“SACCOs have helped this country a lot. I want you to interest your subordinates to save. Ensure that if you are a DPC, ensure some increase in membership from within your area of operation. All officers must be in the SACCO because we know the value. It’s democratic to join the SACCO. You don’t have a right to remain poor. I don’t encourage that a DPC commands poor people. Let’s ensure that all of us get out of poverty. So, as leaders, we shall not allow you to remain poor. So, save money. It will help you tomorrow,” he concluded.