VP ALUPO DELIVERED THE CASH WITH A CALL TO MEMBERS TO VENTURE INTO VALUE ADDITION
President Museveni has boosted Visionary Women group’s SACCO with a mega donation worth Shs60m to support their growth and vision.
The money was delivered to the group by Vice President Maj. Jessica Alupo who herself is a member of this group which was started 6 years ago by former female legislators of the 9th parliament.
The group runs a SACCO called Visionary Women Enterprenuers and Advisory Center SACCO Ltd, and that today they converged at Kati Kati restaurant for their 5th Annual General Meeting.
The president’s donation according to H.E Alupo will assist in the growth and implementation of their vision, as they seek to increase membership, and offer low cost loans to members.
“I want to commend members for 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”, Alupo who’s also Katakwi district Woman MP said.
The vice president borrowed the president’s words of wisdom for people to differentiate between development and wealth, saying wealth is a personal achievement while development is for the whole community.
She encouraged 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 Uganda Development Bank (UDB). We should pursue it as long as we have a formidable project proposal”, the VP told members.
She noted that Moneylessness makes one a danger to himself and to the community and therefore urged members to work to get money and improve on their individual wealth.
“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 back in Katakwi.
She urged the women to become examples to the 39% of the population that is outside the money economy. Alupo also urged the Visionary Women to maintain their roles as disciplined cadres.
“Members need also to honour their loan obligations so as to grow the portfolio and interest of the SACCO such that the interest can be re-invested” she urged.
ABOUT THE SACCO
This SACCO boosts of over 52 women leaders who have served the country at different levels and was formed to create saving opportunities with a vision of creating a SACCO model that can grow into a women’s bank.
Currently, the SACCO has grown in leaps with a loan portfolio of close to Shs570m and share capital of Shs503m.
Meanwhile, Kabakumba Masiko the former Bujenje county MP, and also the SACCO chairperson said the group had acquired a valid money lending licence and that more members were being admitted with more picking interest in buying more shares.
She said the group has audited books and has mobilized in different regions to grow their portfolio.
“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” said Huda Oleru, state minister for veteran affairs also woman MP Yumbe district.
This group has produced a number of high ranking women leaders including Vice President Alupo, State ministers Harriet Ntabazi, Huda Oleru among other members serving as commissioners, chairpersons of parliamentary committees. The AGM was also attended by other leaders from Uganda Cooperative Alliance.