The State Minister for Micro-finance, Haruna Kyeyune Kasolo, says that his ministry can do nothing to revive the SACCOs that have spent 10 years without operating, adding that they cannot compensate the affected members for the loss.
The government will not compensate the more than 15,000 members
of Victoria Basin Saving and Microfinance Cooperative Trust Ltd and Kakuuto
Microfinance and Taala Ya Mawogola Savings and Credit Cooperative Society
(SACCO) in Kyotera and Sembabule districts respectively for the loss of their
deposits worth over Shillings 2.6billion.
The State Minister for Micro-finance, Haruna Kyeyune
Kasolo, says that his ministry can do nothing to revive the SACCOs that have
spent 10 years without operating, adding that they cannot compensate the
affected members for the loss.
//Cue in: “Ezo zimaze emyaka…….
Cue out:…………..SACCO zona,”//
The depositors lost their savings between 2011 and 2012 to the
directors, managers, employees and some members who have disappeared since. At
least more than 12,000 Victoria Microfinance members lost over Shillings
1billion, 5000 members in Kakuuto Micro-finance lost more than Shillings 1bn,
while over 5000 members of Taala Ya Mawogola lost more than Shillings 600million.
The members of the three SACCOs have since appealed to the government
to intervene and compensate them for the loss. In 2016, Kasolo directed police
to investigate the fraud and recover the funds following the persistent outcry
by the disgruntled members.
Unfortunately, the investigations did not make any headway
leaving the affected members stranded. According to Kasolo, the SACCOs became insolvent
and closed due to poor management. He explains that from the time he came into
office he has made sure that different SACCOs start and succeed.
//Cue in: “So kakati mukisanja…….
Cue out:………nasanga zigudde,”//
Kasolo advised all SACCOs to recruit experienced and honest
managers to run them to avoid losing their savings. According to the minister,
unchecked defaulting on loans and theft of the funds has consistently crippled
the operation of SACCOs in the country.
About the Emyoga program, Kasolo says the operation to
recover the money will officially start this week by arresting people who
mismanaged the funds. He noted that they intend to inject more funds in SACCOs
that have proficiently utilized the funds to benefit the members.
Badru Mujuzi, one of the affected members of Victoria
Microfinance, says that they never followed up on investigations into the
matter. He says that they relied on the minister and police investigations
hoping that their money will be recovered but all in vain.
Emmanuel Kabogoza, another depositor in Kakuuto Microfinance appealed
to the government to intervene, direct fresh investigations and attach the properties
of the managers and employees that took the money. John Paul
Mpalanyi, the Kyotera county MP, says he will have to revisit the matter to see
how he can follow up.