President Museveni has donated UGX60m to Visionary Women’s SACCO to support their growth and vision.
The money delivered by Vice President Jessica Alupo to _Visionary Women Entrepreneurs and Advisory Centre SACCO Limited_ (VWEAC), now in its 6th year of existence, will assist in the growth and implementation of their vision,as they seek to increase membership, and offer low cost loans to members.
At the 5th Annual General Meeting held at Kati Kati this morning, the Vice President, herself, a member of the SACCO commended them on the resilience to withstand the shocks of the COVID-19 pandemic and other challenges. “Thank you for demonstrating togetherness that has gotten us this far. One of the ways of being relevant to ourselves and to the community was to create this SACCO”, said the Vice President.
She drew from President Museveni’s wisdom on the strategic need to note the difference between development and wealth of individuals. “What you are doing as Visionary Women is to create individual wealth”.
She encouraged all members to venture into other areas like value addition, industrialization, and ventures that empower the economy and create more jobs. “I know that a SACCO like this has the ability to borrow from the Ugabda Development Bank (UDB), we should pursue it, as long as we have a formidable project proposal”, the VP remarked, adding that “Moneylessness makes one a danger to himself and to the community. Let’s work to get money, and support government to get money into people’s pockets through different enterprises like piggery, fruit growing, fish farming, coffee, among others. I encourage each one of you with an enterprise to scale it up in terms of quality but also quantity”, said the VP, herself, a citrus farmer in Katakwi.
She urged the women to become examples to the 39% of the population that is outside the money economy, and also asked the Visionary Women to maintain their roles as disciplined cadres.
Alupo encouraged members to honour their loan obligations so as to grow the portfolio and interest of the SACCO such that the interest can be re-invested.
The SACCO which boosts of over 52 women leaders who have served the country at different levels was formed to create saving opportunities and in the end, create a SACCO model that can grow into a women’s bank.
Currently, the 52 membership Visionary Women Entrepreneurs and Advisory Centre SACCO Limited (VWEAC) has grown in leaps with a loan portfolio of close to UGX 570,000,000, share capital of UGX 503,000,000.
Inspite of the setbacks of the COVID-19 pandemic and other challenges, VWEAC has maintained the flow of focus to their goals; increase membership, increase their savings and investment.
Kabakumba Masiko, the SACCO chairperson said the group had acquired a valid money lending licence and that more members were being admitted- with more subscribers poised to buy more shares.
The group has audited books and has mobilized in different regions to grow their portfolio.
Hon. Oleru Huda- MP and Minister of Veteran Affairs, who is also a member of the SACCO- Oledo said that the SACCO growth and achievements is a testimony of God. “What a miracle that 6 years ago, God gave us a vision; we didn’t know would come this far. What a miracle that God chose one of us, to be a Vice President! We continue to pray God that he continues to open the way, and uses us to contribute to the growth of the country”.
Several leaders were present, including representatives from the Uganda cooperative Alliance.