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.