Members sensitised on importance of a SACCO

Members of HOIDERA have resolved to form a SACCO (Savings and Cooperative Credit Organisation) as one of the ways to promote savings and better empower members who wish to engage in economic activities.

This followed a comprehensive presentation by Charles Isingoma, one of the members of HOIDERA and the Managing Director of HOFOKAM, a microfinance organisation started by the dioceses of Hoima, Fort-Portal and Kasese.

Isingoma said the membership of any SACCO must operate on cooperative principles and be driven by cooperative values. He mentioned seven principles that underpin all cooperative businesses:

• Voluntary and Open Membership

• Cooperatives are open to all who are willing conform to the responsibility of membership.
  • Democratic Member Control
• Every member of a cooperative has the right and responsibility to involve in setting policy and to have equal vote (one member, one vote.)
  • Member Economic Participation
• Members contribute to and democratically control the cooperative’s capital.
• Return to members is based on the amount of capital owned.
  • Autonomy and Independence
• Cooperatives are owned by the members and if they enter agreements with other bodies (governmental or private) they do so in a way that preserves members’ control.
  • Education, Training and Information
• Cooperatives develop skills of members, managers and elected representatives so they can contribute better to the cooperative.
  • Cooperation Among Cooperatives
• Cooperatives collaborate with other cooperatives and apex structures.

• Concern for Community

• Cooperatives actively support community development where they are located.

The President of HOIDERA, Tadeo Atuhura said the formation of the SACCO help bring members together beyond the month mass (on 1st Sunday of the month) and bring business returns to those that will save/ invest in the SACCO or those that will borrow to boost their economic activities.

Here is the full presentation Organisational Requirements for Registration of a SACCO – Discussion document for HOIDERA that Mr. Charles Isingoma Made