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MPs Shun Parliamentary SACCO For Quick City Loan Sharks

A large number of Members of Parliament  have shunned the Uganda Parliamentary SACCO where they can access cheaper loans and instead embraced city loan Sharks.

It has been revealed that 60% of MPs in the 11th parliament have shunned to join  the Shs35bn Parliament Sacco while they continue to run to roadside loan sharks for quick loans.

 The revelation was made during the recent inauguration of the new board members of the SACCO  chaired by the Buvuma County MP,  Robert Migadde Ndugwa.

The outgoing board chairperson Jalia Bintu disclosed that there was issues of leaking MPs financial information to their opponents which may have scared them away from saving with the Sacco.

The Uganda Parliamentary Sacco is the second biggest Sacco in Uganda with a net worth of  Shs35 billion, only second to Wazalendo of UPDF.

However,  only 250 MPs have accepted to join the savings scheme, out of the 557 MPs that  make the 11th parliament.

 Against the above background,  MPs have been advised to join the Sacco where they can get cheaper credit to avoid being embarrassed by  city loan sharks where they run for quick loans.

The Parliament Sacco has also been let down by former MPs  who take loans and fail to pay back. According Bintu, this  has frustrated current MPs who guarantee loans for former legislators.

The Sacco is still battling to recover money which was extended to the former MP of Kyaddondo South Issa Kikungwe who passed away in 2016. It has been difficult to offset the long standing loan as boundaries of the land he left behind as a collateral security are being contest by neighbours.

The Sacco has  1,368  members including current MPs, Former MPs, Parliament Staff and Former Parliament Staff.

One thought on “MPs Shun Parliamentary SACCO For Quick City Loan Sharks

  1. Does the Government of Uganda pay MPs in time or the salaries for MPs are delayed?

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