THE 11TH AGM PRISONS SERVICE SACCO.
The 11th Annual General Meeting of the Prisons SACCO under the theme “Sustaining growth through members’ economic participation” was held on 22 -23 march, 2018 at the Prisons Academy and Training School luzira.
The Sacco Manager, Principal Officer I Opiny Alex Kennedy in his report noted that it has been a stable year of business and a surplus of UGX 289,186,516 was realised. There was an increased growth in membership with addition of 844 members during 2017 totalling to 9,385 members. There was a 34% and 37% increase in share capital and total savings respectively as compared to 2016. Growth in total assets increased by 28% and loan disbursements increased as well.
The Chairperson Sacco, Commissioner of Prisons Magomu Wilson informed delegates that Government has introduced a law to regulate all SACCOs in the country. The Tier 4 Micro Finance Institutions and Moneylenders ACT 2016. The SACCOs will be supervised by Uganda Micro-finance Regulatory Authority (UMRA) who will be responsible for licensing, regulating and supervision under this Act. The Bank of Uganda and Ministry of Finance are now working on the regulation to operationalize the Tier 4 Act.
Director Correctional Service, Akena Samuel who represented the CGP thanked the SACCO board and management staff for the good stewardship offered and noted that the vision is to see the SACCO grow into a big, strong and sustainable financial institution which is able to support economic and social development of it members.