KAARO KARUNGI | MBARARA – Rubindi Parish Priest Rev Fr. Felix Bikwasizehi, patron of Rubindi Farmers’ SACCO has cautioned helpful social orders not to extend their impression excessively fast.
Forming new branches excessively fast, he said, can be an enormous channel on the pitiful assets of Savings Credit and Cooperative Societies (SACCOs).
“Allow individuals first to fabricate trust in what you have begun and demonstrate that their cash is all around secured then when need calls, we will consider opening up different branches,” Bikwasizehi said on May 8, during the twelfth Annual General Meeting at the agreeable’s fundamental workplaces in Kashari, Mbarara District.
He said new branches make superfluous authoritative expenses. He encouraged individuals to zero in on expanding their value to support the SACCO.
“For SACCOs to grow, they should initially take a gander at the presentation of the fundamental SACCO. In the event that it has not been progressing nicely, for what reason do you rush to grow?” Bikwasizehi inquired.
Assuming SACCOs have assets, they can grow – shy of that they shouldn’t extend, extensions are a channel on assets, he said.
He bumped chiefs to put individuals’ investment funds in transient lucrative organizations as opposed to zeroing in on resources.
“That is the reason I am not in this business of setting up structures since that implies you are infringing on individuals’ investment funds. Setting up a business building doesn’t bring back cash inside a brief time frame. It may require years and you probably won’t get profit from your speculation,” Bikwasizehi said.
“For example, Centenary Bank is an eminent commercial bank however it has just one structure and leases all its different branches. Indeed, even its workers don’t drive these elegant vehicles, they just recruit administration vehicles,” he said.
He prompted cooperatives not to scramble for outside credits but rather reinforce their portfolio.
“We began working from the congregation in 2008. We were not in excess of 20 individuals, and afterward we developed to 200. Presently we are 4,174 individuals. We currently have over Shs 2 billion in individuals’ investment funds with no credit acquired from any commercial banks,” he said.
“We have assisted our kin with fostering the way of life of saving. Individuals used to get cash from cash moneylenders whose loan fee is high yet for us we have a lessening financing cost of 3%, which is pocket agreeable,” he added.
Rubindi Farmers’ SACCO in Kashari North gives agrarian advances, school expenses advances, business advances and boda-boda credits. It was positioned among the best SACCOs with no outside monetary help around there.
Moses Asiimwe, the SACCO director, urged different cooperatives to cooperate to stop various acquiring and defaulting.
“Defaulting on reimbursement is a typical practice brought about by numerous acquiring, which should be fundamentally resolved. On the off chance that there’s participation among SACCOs inside a similar locale, we can without much of a stretch track and stop various borrowers and decrease credit defaults,” he said.
He praised Rubindi Farmers’ SACCOs for utilizing in excess of 20 individuals who are on the whole occupants inside its operational limits.
“Individuals trust our SACCO so much and surprisingly our workers are enlisted through the boards. The human asset gets applications and the verifying and endorsement is finished by the board, implying that we notice straightforwardness, trustworthiness and greatest regard inside Rubindi Farmers’ SACCO,” Asiimwe said.
