URA SACCOS performance thrills govt

MWANZA: THE government has commended the Police Force’s Usalama wa Raia Savings and Credit Cooperative Society (URA SACCOS) for its significant accomplishments, including winning multiple awards as the best SACCOS for four consecutive years.

The Permanent Secretary in the Ministry of Home Affairs, Mr Ally Gugu, praised the URA SACCOS during the opening of its 16th general meeting held in Mwanza City on Wednesday.

Mr Gugu praised URA SACCOS for consistently receiving unqualified opinion from external auditors, reflecting its good financial management.

He said since its establishment in 2006, the society’s membership has grown from 4,300 to 48,001 members as of September 30 this year.

The PS said the Saccos share value has seen substantial growth, rising from 17.03m/- in 2006 to 13.12bn/- by September 2024.

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He, however, said the Saccos reserve balance reached 114.6bn/- by the end of September this year, a remarkable increase from 7.7bn/- when URA SACCOS began.

Mr Gugu said since its inception in 2006, URA SACCOS has issued 137,871 loans amounting to 561.7bn/- with over 75 per cent of the loans utilised to help members build private residences.

“This injection of funds into the economy has contributed significantly to the growth of national GDP ,” Mr Gugu explained, highlighting the economic impact of the society’s lending activities.

Mr Gugu noted that its success demonstrates the potential of the cooperative sector to drive economic growth when managed with professionalism.

He said in 2023 alone, it provided dividends totalling 3.36bn/- to its members and donated medical equipment valued at over 650m/- to hospitals, dispensaries and police health centres across the country.

He emphasised that the sixthphase government, under President Dr Samia Suluhu Hassan, is committed to enhancing the welfare of public servants, including police personnel, including significant investments in the cooperative sector, such as the establishment of the Cooperative Bank with an initial government contribution of 5bn/- as starting capital.

Mr Gugu praised the saccos for being a key pillar in helping police personnel and their families use their income wisely, promoting economic and social well-being through affordable services and favourable terms.

URA SACCOS Board Chairperson, Ms Suzani Kaganda, expressed gratitude to the government for its support in improving the welfare of public servants.

She said URA SACCOS members benefit from low-interest loans, which has helped improve their lives and shield them from the high-interest loans of other financial institutions.

The Registrar of Cooperative Societies’ representative, Mr Nghabi Saguda, applauded URA SACCOS for its exemplary adherence to cooperative regulations, making itself a model SACCOS in the country