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Tycoon Mulenga Hands Shs 200M Support to New Kabale SACCO

The business community in Kigezi sub region last weekend opened up a new SACCO in the region to boost their investment and savings.

The team of businessmen led by Can. Eng. Ivan Mbabazi Batuma named their SACCO, Kigezi UMOJA Business SACCO Ltd.

Batuma says the Sacco will be providing loans to local business people at an interest as low as 3%.

These received a boast of Shs. 200million from prominent businessman and Vietnamese Consular General in Uganda, Caesar Augustus Mulenga.

Mulenga, at the launch promised to support the group’s efforts to eradicate poverty in the region, and urged the Sacco members to avoid corruption and misuse of the savings, which he said was the cause of collapse of most SACCOs and banks.

“Shs 200million, the seed of starting the Sacco is already on your account; if God helps us and we get more money we shall add more. You have to work hard like the Women Saccos that I supported one year ago with 200m and now has 500m,” said Mulenga.

Minister David Bahati while speaking as guest of honour at the launch on Saturday, applauded the good gesture of Mulenga, adding Uganda needs s many more of his kind.

Bahati said Government is working hard to reduce the cost of capital as it has allocated 15bn towards the development of Microfinance institutions, and another 50 billion in Uganda Development Bank this financial year.

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Kigezi UMOJA Business SACCO Ltd opened with a total of 50 members and Shs 20 million in savings.

Minister Bahati contributed Shs 15m to the SACCO.

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