MDI FOR BUTUURO; IT WILL BE NO MORE A SACCO IN THREE YEARS

By Wilber Muhwezi Kasibante

www.mknewslink.com

In Bushenyi—

The general manager Buturo SACCO, Peter Tumuhimbise has revealed that Butuuro will be no more a SACCO in 3 years rather an MDI.

Tumuhimbise said this yesterday 2^nd March 2022 morning in an exclusive interview with www.mknewslink.com managing editor at the SACCO headquarters in Nyakabirizi division Bushenyi Ishaka municipality.

He noted that the board that sat on Saturday 26^th Feb.2022 gave a go head to management and board to begin first trucking the idea of turning Butuuro SACCO into an MDI within the next 3 years.

With Butuuro becoming a Micro Deposit Institution (MDI), it means that Bank of Uganda will be supervising its day to day activities.

WHAT DOES BUTUURO NEED TO BECOME AN MDI?

Butuuro needs about 10 billion Uganda shillings to start off and it will be mobilized in the next 3 years.

According to the general manager, they are mobilizing for individuals who can buy 1000 shares worth 10 million shillings per person and still calls upon other members to increase on the shares so that Butuuro can hit its target of becoming an MDI.

Butuuro started in 2007 as a very small SACCO but currently has branches in, Kashenshero Mitooma , Kyabugimbi Bushenyi.

According to the chairman board Benson Mbugane Barigye, the SACCO has been re-branded to Butuuro financial services instead of Butuuro SACCO.

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