PDM SACCOs tipped on effective savings, bookkeeping

Proprietors of village SACCOs under the Parish Development Model (PDM) are challenged to prioritize bookkeeping to ensure accountability for the funds they have received from government.

The call was made by the Executive Director of Uganda Microfinance Regulatory Authority, Edith Tusubira while addressing the press this morning on the commemoration of the World Savings Day marked on October 31.

Tusubira adds that they are closely monitoring the beneficiary SACCOs and will soon swing in action against those that perform poorly.

The World Savings Day is held under the theme; Anyone can grow smart. Grow big. Be green smart.

By the end of the FY 2021/22, over Shs67.2 billion had been disbursed by 154 local governments to the bank accounts of over 7,600 Sacco groups countrywide.

While in this FY 2022/23 the appropriated budget for PDM amounts to Shs1.14 trillion out of which Shs1.05 trillion is for the parish-revolving fund.

UMRA currently regulates a total of 1,430 microfinance institutions and these include SACCOs, self-help groups and money lenders.

Written by Juliet Nalwooga