Police Sacco to offer mortgage, insurance services to officers
Posted Monday, February 24 2014 at 09:50
The Uganda Police Force Sacco is moving into construction of mortgage houses for their members and provision of medical insurance of Shs36,000 per annum.
Exodus Cooperative Savings and Credit Society Ltd, the Force’s main Sacco, which has been in existence for less than five years, is among the fastest growing Sacco with a current loan handout of Shs1.6 billion.
According to the chairperson Senior Commissioner, Mr Laban Muhabwe, the Sacco has also registered a tremendous growth over the years to the tune of more than Shs4 billion in savings and membership of 21,000 police officers.
“We have been growing and now we want to make a bigger step; construct houses and have the mortgage deducted from our members’ salaries. Payment can take up to 10 years,” Mr Muhabwe said, while addressing the Sacco’s Annual General Meeting recently.
The Inspector General of Police, Gen Kale Kayihura, said the Sacco has played a big role in improving the livelihoods of police officers and that none has poor welfare as an excuse of being corrupt.
Exodus Sacco was started in 2007 by a resolution of Police Council as an effort to reduce poverty in the Force.
Services offered are savings accounts, fixed deposit, loans to members which include emergency, school fees, agricultural and development loans.