Currently, SACCOs are not regulated by the government and are the only financial institutions which do not have to be licensed by the Bank of Uganda to take deposits. There are around 500 existing SACCOs of which 300 are active. Most of these are recent developments of the “Prosperity for All” program (Bonna Bagaggawale) created during the 2006 Ugandan elections and launched in February 2007 as an all encompassing program aimed at boosting the country’s economy through measures including microfinance, increased production, agroprocessing and marketing.
The EU, which has supported the microfinance sector in Uganda since 1999, has recently contributed assets worth USD 176,470 to be used toward the implementation of a national policy to develop and regulate SACCOs. The Delegation of the European Commission to Uganda has urged the Ugandan government to develop a Savings and Credit Cooperative Organizations (SACCOs) Act and an independent regulatory body to guarantee their independence.
The Uganda Cooperative Savings and Credit Cooperative Union has been designated by the government to lead in the development of SACCOs under the new regulations effective as of June 2008. The government plans to have one thousand active SACCOs spread over every sub county, providing access to microfinance services throughout the country. The new regulations are intended to protect member savings and generate confidence in the microfinance sector. Further details are currently unavailable.
To learn more about this author, visit David Satterthwaite's Website.
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David Satterthwaite
(Visit David's Website)
David brings 10 years of experience in
microfinance management, social
entrepreneurship, non-profit
management/fund-raising and microfinance
investment research.
David is the Chairman and President of
Prisma Microfinance, Inc., a retail
“microbank” operating in Central America.
He is also Chief Editor of
MicroCapital.org, a news and information
service for the microfinance community and
its investors. Each month,
MicroCapital.org publishes the
MicroCapital Monitor, the leading industry
newspaper.
David writes and speaks frequently on
microfinance. He has been a quest speaker
at many events, including: Microcredit
Summit 5+: Panel on Private Investment,
Milken Institute Global Conference, United
Nations Year of Microcredit Symposium for
Wall Street, Chicago Conference on
Microfinance, Harvard Social Enterprise
Conference, Dartmouth’s Business
Sustainability Conference, Wharton’s
Conference on Social Entrepreneurship,
Stanford’s Social Enterprise Club,
Columbia’s Social Enterprise Program and
the Net Impact Annual Conference. Through
his work with Prisma and MicroCapital, he
has been featured or quoted in The Wall
Street Journal, the Boston Globe, “All
Things Considered,” Reuters and
SocialFunds.com. David has been
recognized with the Compaq Computer
Corporation Leadership Award, the City
Year Inspiring Leader Award and the
National Social Venture Business Plan
Competition award for Best Social Impact
Analysis.
David has supported many non-profit and
for-profit social enterprises in different
capacities, including Access Technology
Learning Center, Agora Partnerships,
Bridges to Business, City Year, Fonkoze,
Kiva and National Social Venture
Competition.
David holds a B.A. with Honors in
Political Science from Haverford College.
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