SACCO for the Elderly Fails to Reap Benefits for Members

Audio 1

Kamwokya Bukadde Magezi Elderly SACCO has failed to take off three years after it was started. In 2008, 65 elderly people hatched a plan to start their own SACCO to cater for their financial needs.

The members of the SACCO started planning for the operationalisation of the SACCO in vain. The SACCO has neither secured an operational certificate or financial capital.

Jonathan Musisi, secretary Kamwokya Bukadde Magezi Elderly SACCO says that initially they had planned to contribute shilling 10,000 each. He however says that most members of the SACCO have failed to raise the money three years after they set out to start the SACCO.

Musisi says that with the number of the elderly reducing there is no hope that the SACCO will take off. He says that the association is now planning to embark on drama to raise money for the survival of members.

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Musisi says the association now exists on meager contributions from politicians and non governmental organizations.

He says three years ago Concern Uganda took care of the association during its operation in Kampala.

Records at the Association indicate that Godfrey Nyakana Kampala Central division chairman paid for the Associations office space near Kamwokya Modern Primary School, till January 2011.