EBO SACCO CASH TRAPPED IN LOANS— CEO
BY ELLY KARENZI
The Chief Executive Officer of EBO sacco Mr. Josephy Mugume has blamed some clients who apply for loans from the institution and have failed to clear the loans in time. He said the defaulters make the work difficult as many have accumulated loans . He said some members are multborrowers from other Banking institutions.
Mr. Mugume made the observation while addressing over 600 stakeholders of EBO sacco,Ibanda branch at Ibanda Integrated primary school who had come to attend the 13th Annual General Meeting in Ibanda district yesterday.
He appealed to all stakeholders at EBO sacco institution that they should co –operate in order to solve challenges. “ The situation we are in is not easy, but should be open to each other and pay loans back, so that the money can be loaned to other members” .Mr. Mugume said. He explained that some members get loans for boozing in bars while others apply for loans to marry more that one wife, leaving the family without school fees.
Mr. Mugume said in order to improve on services, the sacco has made a net surplus for the year ended on 31st December 2015,a taxable profit of shs. 909,497,655/= He added that in order to improve services, EBO has opened more branches in Bwizibwera,Kashaka,Igorora and Ibanda .”We shall focus our strategy to agricultural finance as main activity by giving long term loans to farmers.
The Ibanda branch manager, Ms. Janiffer Komukama said Ibnda branch has registered with 2743 shareholder members. She added that the management has entered the profits made by the EBO on members accounts.