Govt Moves To Revive Cooperative Bank

Plans are underway to revive the Cooperative Bank, this is according to the State Minister for Cooperatives Fred Gume Ngoobi.

Speaking at the launch of national celebrations to mark the International Cooperative Week at Lake Victoria Primary School- Entebbe, Ngoobi said a Cabinet paper to that effect has already been drawn and tabled.

The Cooperative Bank was part of the national financial system until the early 1990s when it collapsed due to mismanagement and with it a strong cooperative movement that existed at the time.

Ngoobi urged all cooperators to support the institution when it finally becomes a reality because it will be a game changer to the financial needs of the farmers.

Members from over ten Cooperative Savings and Credit societies (SACCOs) from Entebbe and Katabi attended the function and were each given trees, mostly of fruits to take and plant.

Minister Ngoobi urged transparency among cooperators and to always stick to planned activities to ensure unity and progress.

The Executive Officer Uhuru Institute Leonard Okello commended cooperators for marking the week with tree planting as part of the activities to mark international cooperative week because the climatic change was real and humanity was at peril if nothing was done to mitigate its effects.

Steven Nabende, the head teacher of Lake Victoria Primary School and Chairman of the Walimu Cooperative Union expressed gratitude to the minister and government for support to his union.

He said that Lake Victoria Primary School Teachers’ SACCO alone had already received 80 million Shillings.

Robert Mpakibi Waiswa, the Commissioner for Cooperatives in the Ministry of Trade, said the week’s activities will also include an exhibition and a national symposium on cooperatives to discuss issues of regulation and development.

Joyce Nalubega, the Entebbe Municipality Principal Education Officer urged parents and guardians to inculcate the culture of saving into children at an early age because saving was an integral part of development.

The climax of the activities will be marked by national celebrations in Lira.




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