The Uganda Co-operative Alliance Ltd (UCA) has joined the ministry of trade industry and co-operatives in reminding teachers to consider saving their own funds through their co-operative union (Waalimu SACCOS Union) to address financial challenges in their profession.
According to the General Secretary of Uganda Co-operative Alliance ltd Asiimwe Ivan, teachers need to save only ten thousand shillings per month to establish capital required to start their own Bank to solve teachers’ future financial problems.
Asiimwe remarked during the 9th Annual General Meeting of Walimu SACCOS Union held on Thursday January 12, 2023, at their head office in Najjera, Kampala after establishing that the saving culture of the teachers is deteriorating.
“We have over 200,000 teachers in the country, if one teacher saved 10,000/= per term that is 2 billion every term multiplied by three terms that is 6 billion per year. How much does it take for you to register a Bank?” Asiimwe said.
He advised Walimu SACCOS union to mobilize and increase their membership.
In the same vein the state minister for Co-operatives Hon. Fredrick Gume Ngobi advised teachers make investments that will bring a high return of profits to the union.
“Ladies are getting salaries or loans and the following day she is in a salon of a private person, why don’t you manage these things?” Minister questioned.
Adding “the money should circulate within and amongst yourselves” Ngobi said.
The Minister also wondered how teachers go for loans in the commercial banks whose interest are exorbitant and leave their union whose interest is a half of the interest of the commercial banks.
“How do you leave a loan whose interest rate is 15% and you go for one whose rate is 30%?” Ngobi said.
He noted that teachers are continuing to face extortion from commercial banks due to high loan interest rates, hence the need to look at their savings SACCO WALIMU more keenly.
He cautioned teachers against acquiring multiple loans from multiple financial institutions.
Meanwhile the General Secretary for Uganda National Teachers Union (UNATU) Baguma Filbert advised teachers to mobilize more members in their respective schools.
“We have the capacity to save and make these institutions pack their things back to their homes” Baguma.
He decried the “baby glove” handling of loan defaulters by the union. “Unlike the teacher’s union in Wazalendo SACCO the rule is order ‘ya jesh’ single order.
In a rejoinder the chairperson board of directors Nabende Stephen, said that has able to come up with sustainable savings and loans products that are cost effective.
In a reporter obtained by UCA Press Unite, the chairperson decried the stunted growth of the institution which he attributed to the economic meltdown and Covid-19 that has affected most of their members.
“Just like other financial players, the Union has too registered financial constraints that have affected our vision and mission strategy implementation” The report reads in parts.
Nabendes’ report also requested members to set up income generating projects that do not jeopardize their commitment and services while at school.
Teachers reminded the government to fulfil a 25 billion shillings pledge, towards supporting the teachers’ SACCO.
Twitter (1) Uganda Cooperative Alliance Ltd. on Twitter: “”Thanks you for the services you are giving our members” @UNATU_ORG vice chair uploads Waalimu SACCOs Union for supporting teachers #Walimu@9 https://t.co/7HuNZsOYvF” / Twitter