Managers of Savings and Cooperative Organisations (Saccos) have been blamed for the collapse of more than 180 Saccos and loss of more than Shs2b in Busoga sub-region in the last five years.
The Iganga District cooperative officer, Mr James Lubambo, said out of 180 collapsed Saccos, 30 have closed in Iganga District in the last one year alone due to embezzlement of the money or giving out loans to wrong beneficiaries.
“Most of the Saccos that collapsed were failed by their managers. They could lend money to relatives and themselves and fail to pay back. I request that you avoid such mistakes,” Mr Lubambo said.
He was speaking during an interview with Saturday Monitor at Iganga District headquarters on Wednesday. Mr Lubambo said some Sacco managers had run away with about Shs100m in members’ savings. He did not name the thieving managers.
Mr Lubambo said some Saccos had been started by politicians to canvass political support and as a result, they handpicked untrained people as the managers.
“Besides the managers dipping their hands in the finances, there were no proper books of accounts and most of the managers lacked financial discipline,” Mr Lubambo said.
In a related development, members of Busoga Savings and Cooperative Union have re-elected Mr Abas Tenywa and his entire executive for the next four years.