On February 1st, 2023, the Rt. Hon. Deputy Speaker directed the Committee on Defence and Internal Affairs to inquire into the operations of the Uganda Police Force Exodus SACCO following the statement by the Minister of State for Internal Affairs regarding involuntary deductions from Police officers’ salaries for savings with the SACCO.
The findings of the inquiry were presented to parliament on February 2nd, 2024, along with recommendations.
Exodus SACCO appreciates the committee’s findings. However, the report did not adequately address the journey, achievements and challenges of Exodus SACCO from 2020 to date, including increased member participation, loan and savings growth and financial empowerment.
In response to the recommendations, Exodus SACCO management has written to the registrar of cooperatives regarding the issues raised in the report providing supporting documentation. Additionally, management has communicated with the Police Council as the SACCO was established by a resolution of the council in 2007. The recommendations from both entities will guide the next steps.
Exodus SACCO operates in accordance with the cooperative principle of Autonomy and Independence. The SACCO is an autonomous, self-help organization controlled by its members with no interference from Police Management. It operates under the patronage of the Uganda Police Force to improve officers’ welfare.
The SACCO engages its members directly through various channels such as Board, Management, Delegates, Community Liaison Officers (CLOs) and Unit commanders providing updates on SACCO developments including shares, savings, loan products, system upgrades and addressing member concerns.
The General Meeting empowered by Regulation 20 of Cooperative Societies Regulations and Article 16 of the Exodus SACCO By-Law, governs the SACCO’s affairs and oversees leadership transitions.
Exodus SACCO maintains an updated membership register, prioritizing accuracy and reliability to comply with regulatory requirements outlined in the Cooperative Societies Act.
Membership experienced a slight decrease to 41,798 in 2023 due to retirement, voluntary exits, and member deaths. However, the SACCO achieved significant growth in its loan portfolio with a 48% increase reaching UShs. 45,819,315,737.
Savings withdrawals remained high at approximately UgShs. 557,000,000 per month constituting over 69% of savings deposits during the period. Loan disbursement totaled UgShs. 28,695,750,000 with total assets reaching UgShs. 69,970,607,712 share capital at UgShs. 13,106,997,012 and member savings at UgShs. 31,174,370,467.
Exodus SACCO remains committed to transparency, accountability and member autonomy. We appreciate the Committee’s recommendations and assure stakeholders that appropriate actions have been taken to address each point.
From ensuring voluntary membership to effective communication with members and adherence to regulatory requirements Exodus SACCO prioritizes member welfare and satisfaction, promoting fairness, inclusivity, and responsible financial management.
We express gratitude for the support and guidance from regulatory bodies, stakeholders, and members. As we progress, we remain dedicated to continuous improvement, responsiveness to feedback and excellence in serving our members and advancing the cooperative movement.
