Sgt Phiona Asiimwe
A number of Ugandans have different experiences when it comes to loan servicing. Some experiences are positive while others are purely negative.
For Sgt Phiona Asiimwe, it is a positive one, having benefited from the Police Exodus SACCO.
“I have been a member of Police Exodus SACCO since my pass-out in 2013 as a Probation Police Constable (PPC),” says Sgt Asiimwe.
According to Asiimwe, she applied for a loan immediately and returned to school to pursue a diploma in Journalism and Mass Communication. She graduated in 2015. She again applied for another loan and returned to school to pursue a bachelor’s degree in International Relations and Diplomatic Studies.
“So, you can imagine how beneficial Exodus SACCO has been to me,” says Sgt Asiimwe. “The loan is affordable. The interest rate is the best on the market,” Sgt. Asiimwe says, adding that she also set up her non-governmental organization (NGO) with a loan from Exodus SACCO. The NGO rehabilitates women who have gone through domestic violence.
“My NGO is growing. It’s empowering women. I set up a shelter for these women using the Exodus SACCO loan. If I hadn’t applied for that loan, I wouldn’t have set up the NGO,” Sgt. Asiimwe says.
She adds that apart from accessing the SACCO’s loan products, the institution takes members through financial literacy, especially on how to save and invest The SACCO also pays interest on savings as well as dividends.
Exodus SACCO At A glance
As of 2022, Exodus SACCO had a total asset base of Shs 57.4 billion with a share capital of Shs 9.4 billion.
In 2021, Exodus SACCO disbursed loans to members worth 30.9 billion. Its member savings stood at Shs 30. 8 billion as of 2021. 2021 data shows that Exodus SACCO has a membership of 42, 990.
The GROW Project
According to Exodus SACCO Treasurer, SP Eddy Ssekanjako, the institution has positioned itself to benefit from the World Bank funded Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project under the Ministry of Gender, Labor and Social Development.
“Exodus SACCO, also being an institutional SACCO composed of women who are police officers and being business entrepreneurs and others being spouses of police officers, got interested in the GROW project and applied for financing to empower women and enable women to grow their businesses. The major expectation through this is to improve officers’ welfare as well as reduce domestic violence. It is also intended to boost SACCO membership through eventually recruiting spouses into the SACCO. The SACCO is embarking on identifying special needs to enable spouses of police officers engage in income generating activities. With this partnership, the SACCO will meet its strategic objective of improving the welfare of its members, especially women. So, Exodus SACCO is in the final stages of getting the financing but it will also improve our liquidity problems,” said SP Ssekanjako.
