Thursday, 11 June 2015 00:00

The DPP Staff Saving and Co-operative Society off to a good start

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DPP staff members have set up a staff savings and co-operative society as a way of mobilizing funds through staff savings which can later be accessed through loans by the members to undertake projects such as: - land / property acquisition, construction, starting-up capital for various businesses, farming, paying school fees etc.

The SACCO has registered over 55 members, who have to date contributed a significant amount towards the fund. This is a good start as the Interim Committee has a target of registering over 400 DPP member staff within a period of two years.

An interim Committee was set up and mandated to carry out the preliminary stages of registration and collection of members’ contributions and also to ensure that the DPP SACCO is fully registered by the appropriate bodies under the governing laws. The Interim Committee comprises of :- Mr Wagona Vincent as the Chairman, Mrs. Benedette Nalule as the Vice Chairman, Emmanuel Muwonge as the General Secretary, Ms. Florence Akello Owinji as the Treasurer, Mr. Ntalo Nasur as the Representative of State Attorneys, Ms. Kirunda Betty as the Representative of the Administration Staff and Ms. Akite Miriam as the Representative of Prosecutors.

Therefore any intending new member is therefore free to contact any of the above members and inquire about the process of registration or go direct to the Treasurer who would receive the payment and issue a receipt as proof of payment.

In order to create a substantial fund with which to borrow from or undertake any investments, the DPP Staff SACCO intends to rely among others on the members’ contributions like: - The membership/Subscription fee of Uganda Shillings 50,000/= (Fifty Thousand shillings only), Minimum of 5 shares, each share costing Uganda Shs. 20,000/= (Twenty thousand shillings only) and a minimum monthly saving of Uganda Shillings 50,000/= (Fifty thousand shillings only). The DPP staff SACCO also intends to source for funds from the Micro-Finance Support Centre, which are usually offered at relatively low interest rate compared which the members can access in form of loans. 

Like other government institution based staff SACCOs’ i.e.-the Wazelendo SACCO of the Uganda Peoples’ Defence Forces, Exodus SACCO of police, the Law Reform Staff SACCO and the Uganda Prisons’ staff SACCO, which have The fund seeks to improve the staff welfare through availing hassle free loans at relatively low interest rates compared to the commercial bank lending rates and investing part of members’ savings with a view of making a profit. The profit made would be paid back to the members in form of dividends or recouped back into the fund.

Read 4333 times Last modified on Tuesday, 07 July 2015 05:27
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