Police SACCO Clarifies on alleged Loan Acquisition ban 

Posted: 2020-06-22T10:18:33Z Read: 707 times
Police SACCO Clarifies on alleged Loan Acquisition ban 

The management of the Police’s Exodus Sacco has denied meadia claims that it banned loan acquisition in order to sort out issues regarding a 3 billion shillings debt.

The development comes after one of the online news sites wrote that SCP Wilson Omoding Otuna the Board chairperson Exodus SACCO had imposed the ban, and that several officers who attempted to apply, were disappointed.

However, Omoding dismissed the story as false, malicious and misleading. In a statement released on Monday morning, Omoding clarifies that there is no ban on loan acquisition as alleged by the writer. 

“The SACCO has been extending loans and shall continue doing so to members who are eligible. It is on record that since the beginning of the year, 2020, the SACCO has disbursed loans worth Ugx 3,335,570,000 to 686 members. This includes assistance loans worth Ugx 912,800,000 to 128 members who have been financially impacted on by the coronavirus” he noted.

Omoding added that the safety of their members, remains a priority during this period of the pandemic and therefore, the loan section remains open and continues to receive applications from interested members.

“Regarding our savings, the SACCO gives incentives of interest. Therefore, holders are strongly encouraged to continue boosting their savings to enable them buy a plot, a house or even plan for their retirement” he added.

He however explains that tentatively, all withdrawals are pending new rules after the SACCO contracted consultants who have developed a policy manual that has already been reviewed by the SACCO Board and forwarded to the Police Advisory committee (PAC) for their final approval. 

“We are fast tracking the process and as soon as the withdrawal rules are adopted by PAC, members will immediately start accessing the savings on their individual accounts. We are hopeful that the Policy will be approved soon for members to carry out withdrawals within the Policy provisions” Omoding noted.

He also revealed that Police management has clearly scheduled the payment of 3 billion shillings that they owe the SACCO and that this has no serious effect on the SACCO’s operations, but will greatly improve the liquidity ratio.

“We must all remember that the SACCO faced challenges of financial impropriety which are a subject of investigation. The investigators and auditors are reviewing all summary reports and tracing back the accounting procedures. This has enabled us to adopt accounting procedures that are accurate and transparent to avoid similar occurrences” Omoding added.
The SACCO serves police officers and their families.