Speaker of Parliament, Anita Among has rallied all requisite stakeholders to push for enactment of a law that will safeguard Saccos from any of abuse.
Ms. Among’s call was made at the inaugural Annual National Microfinance and Savings Groups convened in Kampala today, 30th November.
“This conference accords us an opportunity to raise awareness, promote and enable the exploitation of opportunities in microfinance and savings groups” Speaker Among said.
She added: “Currently there is the Microfinance Deposit Taking Institutions (Amendment) Bill, 2022 before the Parliamentary Committee on Finance, Planning and Economic Development. However, even if we commit to ensure its expeditious consideration, we need to Harmoniously find a lasting solution to the challenges affecting the growth of the economy,” she stated.
Speaker Among revealed that the said legislation is meant to enable savers such as those within village saccos to reap the most from their savings and consequently better their chances of getting out of poverty.
“What we require is tangible action to efficiently and effectively address the challenges identified. We need interventions that can enable the growth and transformation of the numerous Merry-go-rounds, Rotating Savings and Credit Association (ROSCA), Accumulating Savings and Credit Associations (ASCA) and Village Savings and Loan Association (VSLA). It is through such interventions that we shall accommodate the segment of the populace that the formal financial institutions deem risky,” Speaker Among said.
Among also noted that there are technical, operational and capacity challenges affecting microfinance and savings groups, something that needs urgent intervention.
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