Home Banking Busier SACCO Inaugurated on Bussi Island to Foster Economic Growth

Busier SACCO Inaugurated on Bussi Island to Foster Economic Growth

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Busier SACCO Inaugurated on Bussi Island to Foster Economic Growth
Busier SACCO Inaugurated on Bussi Island to Foster Economic Growth
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Locals Applaud Inauguration of First SACCO on Bussi Island

Residents of Bussi Island in Wakiso district, located on Lake Victoria, have expressed their approval for the recently introduced Savings and Credit Cooperative (SACCO) in their area. Unveiled on September 30, the Bussi Islands Entrepreneurs’ Savings and Credit Cooperatives Limited, commonly known as “Busier SACCO,” aims to support development and economic growth in the region. The SACCO will provide a range of financial services, including savings, loans, document storage, insurance coverage, agency banking, and mobile money services, to its members.

During the SACCO’s inauguration, Mr. Drake Kanaabo, the founder of Osanidde Village, which houses the new SACCO offices and the visionary behind the initiative, emphasized the importance of collective development. He shared his personal experience of saving with Post Bank in the early 1980s and stressed the community-oriented nature of the new SACCO, stating, “This is not my bank; it is a community bank.” Mr. Kanaabo highlighted the significance of saving, regardless of one’s profession, and encouraged the community to elevate the SACCO to the level of a bank.

Mr. Charles Mukalazi, the LC 3 chairperson of Bussi Island, presided over the inauguration and raised concerns about residents keeping money in their homes or village associations, where it is susceptible to theft and mismanagement. He urged locals to prioritize saving over borrowing, citing the need for financial education to ensure responsible loan utilization.

Kenneth Ssebatta, a resident of Tebankiza Zone on Bussi Island, welcomed the SACCO initiative as a means to cultivate a culture of financial discipline and savings among the island’s population. He noted that, previously, there were no SACCOs in the sub-county, and many residents relied on village savings groups.

The event was attended by several notable figures, including Mr. Edson Muvunyi, the In-charge of Bussi Police Station, Sulaiman Ssenkubuge Musoke, the Councilor of Bussi, Dr. Christine Anzoa Andoa, the former Minister of Health, and residents from surrounding islands.