By Kevin Tuheirwe.
Ugandans have been implored to make good use of the loans they acquire from banks and SACCOs in order to benefit from them.
This was said by the Kabale District Woman Member of Parliament Catherine Atwakire Ndamira during the annual general meeting of Kabale District Women Progressive Savings and Credit Cooperative Society that was held yesterday at Kirigime Guest house in Kabale Municipality.
She noted that most of the people acquire loans from different banks and saving and credit cooperative societies and instead of using them effectively, they divert them into other luxury things like buying clothes.
She added that this leads to the accumulation of more money as interest and at the end they cannot pay back.
The Chairperson of the SACCO, Feddy Garyahandere, revealed that the SACCO started with about 25 million shillings but it has now expanded to 785 million shillings.
She however said that it still has a challenge of poor repayment of loans by members, lack of infrastructure development such as computers, furniture like office chairs, lack of transport means for loans officers to go to field for loan appraisals and recovery.
Source: www.mknewslink.com a greater western Uganda news website