SACCOs urged to embrace technology to ease operations, safeguard data
Emyooga and Parish Development Model (PDM) savings and credit cooperative societies (SACCOs) in Ibanda Municipality have been encouraged to embrace technology to support their operations.
The call came after it emerged that only two of the 18 Emyooga SACCOS in the Municipality have at least one computer each, with the others still relying on paper records.
According to Stanbic Business Incubator’s business manager, Sheila Agaba, the SACCOs were operating ‘dangerously’ by relying on books and the analog systems of record keeping.
She said in case of fire outbreaks, or if the managers disappeared with the record books, all the SACCO’s information would be lost.
Agaba advised the SACCOs to deploy quality management information systems that provide accurate data and timely reports, among others.
She noted that proper and reliable documentation was also a key aspect of governance.
Grace Ngonzi, the chairperson of market vendors SACCOs in Ibanda town, supported the idea, saying that since last month when the group got a computer from the Microfinance Support Centre, it has eased operations like tracking members’ savings and compiling lists of borrowers.
Deo Tugume, the principal commercial officer Ibanda Municipality, encouraged the SACCOs to put in place necessary structures and facilities that will safeguard and support their operations.
This was on Wednesday afternoon during a financial literacy training workshop for Ibanda Municipality organized by Ibanda Community Organisation Network (ICON) with support from Stanbic Bank for Emyooga and PDM leaders at Ibanda University.