EBENEZER SACCO MEMBERS WARNED OVER BORROWING MORE THAN THEY CAN PAY.

By Sandra Tumwekwase
www.mknewslink.com
In Bushenyi
The District Commercial Officer Bushenyi district Mr. Byamukama David noted that Savings and Credit Co-operatives SACCOs have turned from savings and credit to credit and savings institutions and that this has made them loss value.
He said this yesterday during a meeting with the members of Ebenezer SACCO which took place at Town Temple Church in Bushenyi.
Mr. Byamukama noted that SACCOs that were meant mainly for savings have been turned into loan sources that even people borrow more than they can pay.
He thus advised the SACCO members to save more in order to make their initiative develop and benefit as they had planned from the beginning.
He also noted that if SACCOs like Ebenezar are to grow to another level, the 3S which he explained as Safety of members deposit, Sound and Sustainability should be observed.
Ebenezer SACCO is a Pentecostal church founded financial institution operating in greater Bushenyi and was started with the aim of saving members deposits and giving out loans.

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