KABALE: The Chairman of the Board of Directors for Greater Kabale Community Cooperative Society Limited, Counsel Naturinda Eliab Mporera, has advised members to embrace a shift in borrowing practices and steer away from money lenders notorious for their exorbitant interest rates.
In his address during the 3rd Annual General Meeting held at Little Ritz Gardens in Kabale Municipality yesterday, Naturinda shed light on the hardships faced by many individuals struggling to repay loans burdened with staggering interest rates, some reaching as high as 100%, imposed by money lenders. He emphasized the detrimental impact these rates have on the financial stability of borrowers and urged members to explore alternative avenues such as established SACCOs and local associations for their financial needs.
Naturinda didn’t mince words when he called upon leaders to prioritize community development over divisive politics, stressing the importance of strategic planning in fostering progress. He appealed to both members and the broader community to cultivate a culture of saving, highlighting its pivotal role in combating poverty at both individual and societal levels.
Naturinda urged fellow board members to set aside differences stemming from politics, religion, or tribe, recognizing these as potential barriers that could fracture the cooperative’s unity. He advised members to resort to money lenders only when confident of positive returns on their investments, cautioning against impulsive borrowing that could exacerbate financial hardships.
CUE IN ELIAB….ON LEADERS……RR.ENG/
As the guest of honor, Kabale Resident District Commissioner Godfrey Nyakahuma echoed Naturinda’s sentiments, advocating for increased investment in the SACCO through borrowing from the Micro Finance Center, which offers favorable interest rates as low as 0.7% to the association. Nyakahuma emphasized the importance of embracing SACCOs as preferred sources of credit over other alternatives.
CUE IN RDC NYAKAHUMA…ON SACCOS…….RR//
The Greater Kabale Community Cooperative Society Limited established on April 8th, 2022, with seven founding members, received registration from the Registrar of Cooperatives on November 2nd, 2022, under Registration No. P. 22305/RGS.
The cooperative operates in the districts of Rubanda, Rukiga and Kabale, with its primary location in Kabale town. According to Naturinda the association began with 5 million Shilling but now has over 47 million Shillings.
