IGP tightens supervision of police Saccos over mismanagement
What you need to know:
- The loans disbursement has increased from Shs9.4b to Shs27.1b in the same period. Their total assets have also increased from 46.3b to Shs57.3b in the same period. They made a net surplus of Shs1.89b last year.
The Inspector General of Police (IGP), Mr Martins Okoth-Ochola, has tightened supervision of the police savings cooperatives to enable transparency and also safeguard officers’ savings.
Police have two cooperatives, the Police Exodus Sacco and the Police Savings Association Limited (PSAL), which are privately owned entities, but the challenges often spill over to the police management.
IGP Ochola, in a speech read for him by the Director of Counter Terrorism, Mr Abbas Byakagaba, said the police management will oversee the operations of the police saccos to enable transparency.
“The police management has designated the Director of Welfare and Production to oversee the Exodus and PSAL welfare schemes and ensure their smooth operations,” IGP Ochola said at the 10th Annual General Meeting of Police Exodus Sacco at Naguru on Tuesday.
Police cooperatives, especially the Exodus Sacco, have been facing challenges due to several complaints from members.
The Parliament is currently investigating the management of the police Saccos, but the leaders of the Exodus Sacco say the mismanagement issues that officers are bringing out were done by the old managers, and they have since streamlined the operations.
IGP Ochola said Police Exodus Sacco has been faced with challenges of negative publicity, poor customer care service and low use of technology, where officers have to travel from upcountry stations to police headquarters to access their financial status.
“There are increasing complaints from police officers who line up for many hours and days without accessing their savings, especially during the festival and school fees payment periods,” IGP Ochola said.
He added: “With the help of ICT [directorate], there must be automation of service provision to enable our officers to access their money through ATM cards or financial information and transactions on their telephones or e-mail addresses. Sharing of information with the relevant officers about their dividends and the general financial status of the Sacco will be a big step in the right direction.”
Despite the challenges, the Police Exodus Sacco registered growth last year. According to audited books of account, the Police Exodus’s capital shares increased from Shs6.44b to Shs9.44b.
The loans disbursement has increased from Shs9.4b to Shs27.1b in the same period. Their total assets have also increased from 46.3b to Shs57.3b in the same period. They made a net surplus of Shs1.89b last year.
The chairman of the Police Exodus, Mr Wilson Omoding, said the growth of their Sacco has placed them on the course to achieve transformation.
“These include improving the terms and conditions of our loan products and general credit quality, fulfilling the promise to our members of continuously delivering a consistent and sustainable return on their shareholding and savings deposits in terms of dividends and interest on savings,” Mr Omoding said, adding, “This growth has placed us on course to achieve the mission of social and economic transformation of our members and their families.”
He further said their priorities this year would be to establish transparency and digitalise their operations to enable members to get services on their mobile phones wherever they are.