Why we should subscribe and buy shares in Elgon Region MR Development Sacco (ERDES)

By Clet Wandui Masiga

 

Elgon Region MR Development Sacco (ERDES) is registered as a cooperative savings and credit society No. P.9902/RCS on 24^th June 2019 under the provisions of section 6(1) of the Co-operative Societies Act, Cap 112. Our main objective is to organize and promote the quality of life of the members from Elgon Region by providing quality financial products and services by accumulating their savings and deposits and providing members with credit exclusively for provident and productive purposes, at fair and reasonable rate of interest; thereby enabling them to use and control their money for their mutual benefit, personal and community growth.

The need for this Savings and Credit Cooperative Organization (SACCO) arose from the very known and proven facts that SACCOs have played an important role in uplifting lives in the community through financial inclusion. They are important players in deepening financial access to mobilize savings for investments in enterprises and personal development.

We envisage that our SACCO like the banking business will thrive on trust and confidence of the depositors and investors. This SACCO covers all those who either originate, live or have interest or stake in Elgon Region. Members also include people from Elgon region living in the diaspora. It will accordingly provide affordable financial services and make access to savings and credit easier, for the middle and low income segment for both house hold and enterprise development. The SACCO will also invest in financial securities and/or real estate and any other profitable enterprises that members will agree on in a general meeting or assembly.

The SACCO will provide cheap loans to members for various reasons e.g. for a farmer to invest in farming, a member to pay fees or to be able to educate his or her children, do business, transport operator to enhance their transportation business etc to improve their lives.

There are several advantages of saving with our SACCO. One advantage is that there are no charges attached to the savings yet members are paid interest on your accumulated savings.

On loans/credit provision, a member will be allowed to borrow up to three times their savings, as long as they can provide collateral or get another member to give them a guarantee. According to our research and consultations, we have agreed to provide loans at a rate of 4% per month to our members. For annual loans, we shall lend at 16% annually. The loans especially developmental and school fees loans will be processed within a day and may vary slightly depending on the borrower’s urgency.

Although it is highly unlikely, the member’s liability will be limited to the amount of capital they contributed and as such should for some reason our SACCO go bankrupt, the personal property of the members is safe.

We therefore call upon people originating from Elgon region, residents of Elgon region and stakeholders to save and invest in Elgon Region MR Development Sacco (ERDES). Membership is Uganda shillings Fifty thousand (50,000/-) and each share is One hundred thousand (100,000/=) shillings only. A member must have a minimum of five (5) shares. This can be paid over a period of time.

 

The banking details are:

A/C Name: Elgon MR. Dev. SACS LTD

A/C no: 07207620004

Bank: Bank of Africa

Branch: Kampala Road

 

The approved management structure of ERDES is as follows:

 

 

The executive committee is comprised of the following:

1. Clet Wandui Masiga, Director Tropical Institute of Development Innovations (TRIDI)
2. Richard Masereje, Lawyer, Masereje and Company Advocates
3. Alfred Wamurubu, Bank of Uganda
4. Dick Wadada, Senior Statistician, Uganda Bureau of Statistics and Businessman
5. Geoffrey Wagidoso, Director, Self-Employment, Uganda
6. Stella Wanderema, Accounts Expert, IMUKA Treasurer, London United Kingdom
7. Michael Materesi, Procurement Expert, London United Kingdom

The current staff are:

Daniel Mushikoma, Manager Mob. Number +256750371025/0778897628 Email: daniel16mush@gmail.com

Gloria Negesa, Accountant Mob. Number +256789447670/0703592353 Email: negesagloria@gmail.com