NTUNGAMO DISTRICT BOSS WANTS STRINGENT LAWS ON SACCOs

By Allan Mugabe
www.mknewslink.com
in Ntungamo
Ntungamo district chairperson, Denis Singahakye has appealed to the government to put tough laws on the management of SACCO to stop mismanagement of customers hard earned money.
Singahakye was on Saturday giving out gifts to the lucky winners who participated in draw for Kajara SACCO that ran between 19th November 2018 and 31st January 2019. The function took place at
Rwashamaire social centre in Ntungamo district.
“The public has lost a lot of money to SACCOs because the law is silent,” Singahakye said.
He called upon the government to come up with tough laws so that whoever is found guilty of mismanaging public money is forced to refund double of what he/she has mismanaged.
The lucky winners walked away with goats, mattress, smart phones, television set and umbrellas.
According to the general Manager Yusuf Akamukwatsa, the bank did this to give back to their clients as well as boost SACCO operations.
He said that at least 160 clients participated in the draw.
The chairperson board of directors, Boaz Luhimazi revealed that the SACCO has 4236 active members with loan portfolio of shs 1.2bn and share capital of shs 800,000=.

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