URA Saccos issues over 394bn/- loans to members

USALAMA wa Raia Savings and Credit Cooperative Society (URA SACCOS) has disbursed more than 394bn/- loan to her members whereby 75 per cent of the loan was directed to the construction of residential houses to beneficiaries.

The Deputy Minister for Home Affairs Mr Jumanne Sagini said at the 14 Annual General Meeting of URA Sacco in Mwanza City yesterday that members of URA Sacco managed to use the loans provided for the interest of 7.5 per cent to construct residential houses.

He said that through the construction of houses done by the loan secured from URA Saccos they have managed to increase the money circulation in the economy.

Mr Sagini said their success show that if properly supervised cooperatives could help to boost development of its members.

“The government is happy to see that public servants have the initiative in development plans, something which helps them to get satisfied and be able to overcome challenges of involving themselves in corruption practices,” said Mr Sagini.

Chairman of URA Saccos Mr Benedict Wakulyamba said that they have managed to give loans amounting to 394.56bn/- out of which 75 per cent was spent on the construction of houses while other individual services are given to sick members, funeral services upon death to members and their dependants as well as compensation on disasters facing members.

He said that the Saccos began in 2006 with 4300 members while by then having a bond of 17.02m/- and now they have a bond of 8.42bn/- with 46,024 members from all parts of the country.

Mr Wakulyamba said that in the year 2021 they made a cash dividend of   1.08bn/- and they put savings amounting to 3.35bn/- they made corporate social responsibility of 415m/- to hospitals, dispensaries and health centres owned by police all over the country.

He also praised the government for managing to increase salaries to civil servants and promote servant scales.

Assistant Registrar of Co-operative Societies Mr Josephat Kisamalala hailed members of police force for joining in their Saccos and make it a leading in Tanzania in terms of number of members.

He said that there is a significant importance of establishing Saccos since it helps the government in services of money delivery to the community.

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