Luwero — Members of Jamaat United Development SACCO in Nyimbwa sub county and Bombo town council erupted in celebration after receiving news of the shillings of a 100 million donation from General Salim Saleh, the Coordinator of Operation Wealth Creation.
The announcement was made on Friday by SACCO leaders and confirmed by Major Herbert Ndiwalana a Personal Assistant to General Saleh
According to Gaddafi Bachu the Acting Manager, the donation is intended to strengthen the SACCO’s capital base and expand access to affordable credit for members engaged in small businesses, farming, and trade among others
“This is a huge boost for us,” said a Jamaat Devt SACCO manager on Friday at their offices at Sedertula village in Nakatonya parish .
“Many of our members have been struggling to grow due to limited capital. This donation gives us room to increase lending and reach more people.” Bachu said
Bachu expressed gratitude to General Saleh for the donation and pledged to ensure it used to improve the livelihood of the members.
Jamaat United Development SACCO operates without interest (riba) by focusing on sharing administrative costs .
Zenar Nasur a member said that the SACCO was formed by merging village savings groups and since then over 1600 members have joined .
Nasur said as a result they approached General Saleh to boast their savings who agreed and extended a donation of 100 million shillings .
” We are happy for the boast and hopeful it will help to extend the loans to other people for development” Zenar said
Zenar said the village savings groups had limited capital and were too risky, prompting members to form a SACCO.
Rehema Musa Abdullah a treasurer at Jamaat United Development SACCO said the SACCO that begun with originally 23 members now boasts of 1663 members.
Rehema added that the donation is timely amid rising costs and tight credit conditions in other banking institutions.
”We expect the new capital to increase both the loan portfolio and membership in the coming years ” Rehema added
She pledged to use the funds responsibly and maintain transparency in the SACCO’s operations.
Major Herbert Ndiwalana, Personal Assistant to Gen. Saleh, represented him on Friday at the official unveiling of the donation at Nakatonya Mosque.
Accompanied by Mukasa Mbidde, Democratic Party Vice Chairperson, Ndiwalana urged the SACCO to use the donation to unite and develop its members, warning against internal conflicts.
Currently the SACCO boasts of 800 million shillings in savings and shares.
Jamaat United Development SACCO serves residents in Bombo town council and Nyimbwa sub county, focusing on cooperative savings and interest free loans as stipulated in sharia laws.
