Kazo: Sacco leaders asked to get their Saccos licenced
SACCO leaders in Kazo district have been advised to prepare and apply for a license and permanent registration in order to get government money through microfinance centers to use as they give loans to their customers.
This message was delivered by Tibbs Orikiriza, the manager of Uganda microfinance regulatory authority (UMRA) in charge of Saccos while speaking to Sacco leaders in the meeting held at the Kan house conference in Kazo town council on Tuesday.
Orikiririza revealed that UMRA was established under the tier IV microfinance institution and money lenders Act, 2016 to license, regulate and supervise the microfinance institution and money lenders and this was done by the parliament.
Orikiriza added that being fully registered and having license helps Saccos to get government money through microfinance center where these Saccos are given money to use.
He also advised Saccos and money lenders to register for license noting that this gives legal protection for handling the defaulters.
Peter Baguma, the district commercial officer appreciated UMRA for their commitment towards training these leaders saying that this will help them to follow the laws.
Rev Samuel Mugisha Katungunda, the Kazo district LC V chairperson asked UMRA to go and revise the laws and practices where it is necessary because defaulters are letting Saccos down.