Uganda Saccos Reach 2000

Thursday, February 2, 2006

Esther Nakkazi

Uganda’s savings and credit co-operatives (saccos) have grown by 40 per cent since the year 2000.

The Commissioner for Co-operative Development in the Ministry of Trade, Fred Mwesigye, said the increase of saccos is a sign that Ugandans are adopting a saving culture.

Already, the advent of microcredit institutions has changed the face of banking by forcing large banks to create new credit lines for small savers.

According to the office of the Registrar of Co-operatives, Uganda has 2,000 saccos. Of these, 1,400 are fully registered while 600 are on probation. Only 600 were registered in 2002.

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Source: The East African (link opens in a new window)