By Mouryn Namawa
Hon. Fredrick Gume Ngobi, the state minister for cooperatives at the ministry of Trade, industry, and cooperatives, has revealed that the government is set to revive the Uganda Cooperative Bank to enable Ugandans in cooperatives to save more money in order to invest in projects to develop themselves.
“The government has accepted that we revive our cooperative bank; we have already hit on the order paper of the cabinet, and it’s only a matter of time before we will be presenting the need for our bank,” he said.
Hon. Fredrick Gume Ngobi plants a tree to mark the launch of the one million tree planting campaign by cooperatives.
Ngobi made these remarks at the launch of the one million tree planting campaign by cooperatives across the country at Lake Victoria School Walimu SACCO in Entebbe earlier this week.
Ngobi noted, “If 15 million people subscribe to the bank, we will be better off than all other banks because it’s going to be a bank owned by the natives for the people by the people; there won’t be repatriation of profits; they invest, and you know cooperators are not much interested in profits but rather savings.”
Ngobi urged the cooperators to embrace the opportunity of having their own bank, which will address the savers social corporate responsibilities like paying school fees for the less privileged.
Ngobi cautioned the leaders of the various Saccos against deviating funds from set targets by members of their Saccos.
The Walimu Cooperative Union Chairman, Steven Nabende, said there is a need for the government to support SACCOs with more funds in order for members to develop themselves.