Government to revive Uganda Cooperative bank- Min Ngobi

Hon Fredrick Gume Ngobi the state minister for cooperatives at the ministry of Trade, Industry and cooperatives has revealed that government is set to revive the Uganda Cooperative bank to enable Ugandan’s in cooperatives save more money in order to invest in projects to develop themselves.

“Government has accepted that we revive our cooperative bank, we have already hit on the order paper of cabinet and it’s only a matter of time that we will be presenting the need for our bank” he said.

Mr Ngobi made the remarks at the launch of the one million tree planting campaign by cooperatives across the country at Lake Victoria School Walimu Sacco in Entebbe on Tuesday.

Ngobi noted, “If 15 million people subscribe to the bank, we will be better off than all other banks because it’s going to be a bank owned by the natives for the people by the people, there won’t be repatriation of profits, they invest and you know cooperators are not much interested in profits but rather savings.

Mr Ngobi urged the cooperators to embrace the opportunity of having their own bank which will address the savers social corporate responsibilities like paying school fees for the less privileged.

Mr Ngobi cautioned the leaders of the various Sacco’s against deviating funds from set targets by members of their Sacco’s.

The Walimu Cooperative Union Chairman Mr Steven Nabende said there is need for government to support Sacco’s with more funds in order for members to develop themselves.