Mitooma, (UG): The Deputy Speaker of Parliament, Rt. Hon. Thomas Tayebwa has described Savings Cooperatives (Saccos) in Ruhinda North, Mitooma District as the engine of growth and encouraged people to embrace a saving culture in the fight against poverty.
Mr Tayebwa was Thursday speaking at the opening of Ruhinda North Women Farmers Sacco branch in Kiyanga Sub-county, Ruhinda North, Mitooma District, western Uganda.
In his remarks, the Deputy Speaker who also doubles as the Area MP (Ruhinda North) pledged his continued support to the people of Ruhinda North and asked leaders at all levels to guide people on enterprise selection and saving culture in order to speed up development.
Mr Tayebwa was, in particular, pleased at the growth level of a model Sacco bank in his Ruhinda North Constituency. The Sacco bank started with only Shs 5million but now has a portfolio of Shs1 billion.
“This is a testimony that well-managed Saccos like the one I started in Bitereko 8 years ago can actually transform peoples’, communities and alleviate poverty,” Tayebwa said.
“With only Shs5 million, I started this bank in Bitereko sub-county in 2015 aiming at empowering women, and has since grown its savings to over Shs1 billion, with a membership of more than 2000 people and two new branches in Kiyanga and Kanyabwanga Sub-counties,” he added.
In order to improve the economic welfare of the 39% of Ugandans outside the money economy, the Deputy Speaker reiterated that as leaders “we must encourage our people to form Saccos and embrace the culture of hard work, saving and accountability.”
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