KYAPS TO DEAL WITH MULTIPLE BORROWERS AS BANK OF UGANDA TAKES OVER SACCO

By Wilber Muhwezi Kasibante

www.mknewslink.com

In Bushenyi—

The executive director of micro finance institutions of Uganda Jackie Mbabazi has warned KYAPS and other SACCO members who are doing multiple borrowing that Bank Of Uganda will put stringent measures for those who borrow from many saccos and default.

She said this yesterday as a chief guest during a 22^nd KYAPS annual general meeting held at Kyamuhunga catholic church in Kyamuhunga town council Bushenyi district.

She added that credit reference bureau cards will be introduced and are able to detect the borrowing history of every member in the major SACCOs that will be taken up by BOU.

KYAPS is one of the strongest SACCOs in Uganda and it started in 1998 with an aim of benefiting members.

She also requested management and board to introduce a loan payment policy where by those who fail to pay are handled according to the policy without just gambling around.

The chairman of board of directors Paul Kahigi told members that 2020 was a dead year whereby the earlier projected profits were not realized therefore members should be calm and hopeful that this year will be different from 2020 because COVID 19 has reduced and vaccine is about to be administered to Ugandans.

The deputy RDC Bushenyi Loy Namara hailed members for working hard to grow their SACCO but warned that there are a lot of land wrangles in the districts. 

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