The Speaker of Parliament, Rebecca Kadaga, has urged legislators who are members of the Parliamentary Savings Cooperative and Credit Society (SACCO) to concentrate on saving and building investments.
Speaking at the SACCO’s Annual General Meeting, Kadaga said MPs need to have focus, purpose and perseverance to save money and make good of what they have saved.
“We have been challenged by the younger generation; a young man called Biyomba gave a testimony at the national prayer breakfast of how he started a poultry business that eventually became his source of school fees and now he is worth over Ushs300 million,” she said, further adding that, “not many of us have that money yet this 25 year old has it.”
Kadaga urged the legislators to prepare for the post-election period to avoid financial embarrassment.
“The truth is there is no certainty after 2021; so plan as though you will not be coming back. Let us plan for our lives; save because in other countries, it is treasured. For example, in Kenya, everyone including President Uhuru Kenyatta are members of their SACCO,” she said.
Robert Kabushenga, the Chief Executive Director Vision Group, who was the guest speaker, also noted that it is important to have a financial buffer especially when one leaves office.
Vision Group CEO, Robert Kabushenga
“It is important never to allow to be poor after formal employment. When I thought about being poor after a job, I decided to start farming in coffee and planting bananas,” Kabushenga said.
He told the MPs that they have an advantage of knowing when their job is ending, “so you have the chance to prepare yourself”.
The Chairperson, Hon. Jalia Bintu, said the SACCO had registered a total of 65 new members with a savings and shares portfolio growth of 71 and 32 per cent respectively.