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Tag Archives: SACCOs

Protect SACCOs in new MDI law – Speaker Among

Kampala, Uganda | THE INDEPENDENT | Speaker of Parliament Anita Among, has instructed the House Committee on Finance, scrutinizing the Microfinance Deposit-Taking Institutions (Amendment) Bill, 2022 to ensure inclusion of laws that protect members of Savings and Credit Cooperatives (SACCOs). The Speaker gave the directive during the plenary sitting on Thursday, …

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Fort Portal stuck with UGX 256 million PDM cash

Fort Portal, Uganda | THE INDEPENDENT | Fort Portal city authorities are stuck with over 250 million Shillings meant for disbursement to Parish Development Model (PDM) groups because of their failure to fulfill some of the requirements. Michael Karwani, the Fort Portal city commercial officer says that none of the 21 …

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PDM cash to go direct to SACCOS

Kampala, Uganda | THE INDEPENDENT | In a bid to curb the embezzlement of the Parish Development Model (PDM) funds, the government will start disbursing the revolving funds directly to Sacco group accounts. The parish Revolving fund is a capitalization grant from the government to SACCOs meant for lending to …

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Kitgum district ranks top for misappropriation of PDM funds

Kitgum, Uganda | THE INDEPENDENT | Saccos created to benefit from the Parish Development Model-PDM funds in Kitgum are struggling to operate following the alleged misappropriation of funds. Last week, 15 staff of Kitgum district were arrested over alleged misappropriation of Parish Development Model funds. They were arrested on the orders …

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Shs100 million PDM cash earmarked for parishes

Kampala, Uganda | THE INDEPENDENT | The Minister of State for Finance, Planning and Economic Development (Planning) Amos Lugoloobi, has revealed that some parishes will in the Financial Year 2022/2023, receive more money than others under the Parish Development Model (PDM). The minister made the revelation while presenting a statement to the …

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Arua district struggling to recover UGX 12Bn Emyooga funds

Arua, Uganda | THE INDEPENDENT | Several Emyooga SACCOs in the West Nile region are struggling to recover the funds they disbursed. From 2019 to date, the government-funded 455 Emyooga SACCOs in West Nile through the Microfinance Support Center. Eighteen enterprises per constituency namely, taxi operators, fishermen, journalists, veterans, boda bodas, women …

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Savings groups decry multiple microfinance regulations

Bushenyi, Uganda | THE INDEPENDENT | Savings and Cooperative organizations have expressed concern over multiple regulations. The savings and cooperative Organizations currently are regulated by the registrar of Cooperatives, Uganda Microfinance Regulatory Authority, and Bank of Uganda. Speaking at the International Cooperative Day in Sheema Municipality on Saturday, John Njoki …

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Ministers order audit of Arua city Parish Development Model funds

Arua, Uganda | THE INDEPENDENT | Ministers from the West Nile region have ordered an audit into the Arua City Parish Development Model (PDM) funds over alleged irregularities. They accuse the city officials among others of irregularly forming PDM groups and disbursing money to unregistered SACCOs which is contrary to the …

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