Kampala, Uganda | The veterinarians’ SACCO, VetWealth, made a net profit of sh21million in the past financial year.
“The future of VetWealth SACCO is bright. We posted brilliant results in the year just ended 30th June 2023. We have drawn an ambitious budget to enable us not only sustain this performance but also build on it for even much better results,” said chairperson Emmanuel Opio Emodu at the SACCO’s annual general meeting held in Kampala on Saturday.
The theme of the AGM was “Saving, Investing for Sustainable Economic Empowerment of Veterinarians in Uganda”.
Opio Emodu re-emphasized the goals of the VetWealth SACCO, which is to provide financial services to the members at reasonable interest rates compared to other financial institutions; promote welfare and economic interests of the members through exchange and sharing of ideas, information and experiences and provide education and training to members on financial matters like book keeping and investment.
From a humble beginning in June 2012 with a paltry 30 founding members, VetWealth SACCO has grown its membership to 238 veterinarians and veterinary paraprofessionals from across the country. In the past year volume of savings was sh389 million, bringing the net worth to close to sh 900,000.
The primary objective of the SACCO remains to inculcate a culture of saving among the members.
The Savings are pooled together and lent to members at affordable interest rates. Some of the Savings is invested in other income generating projects like Money Markets.
The profits earned from these ventures are shared among the members, in short the SACCO does business on behalf of its members, the profits earned are shared by paying interest on Savings and dividends on shares.
“However, our first objective is not profits, but provide members with finances for investment,” Opio Emodu said.
He enumerated some of the challenges that remain that include poor attendance of meeting, irregular deposits for saving among members, poor loan repayment and limited publicity. There was concern that very many members in the field have little or no knowledge about VetWealth SACCO, it’s products and services
The AGM resolved to invest in technology to enable members transact on line. This will include recruiting new members, saving and applying for a loans.
The AGM agreed to recruit an Admin Manager to closely oversee SACCO activities, rather than Board Members getting involved in the day to day operations of the SACCO.
Members also called for more support from the mother body, the Uganda Veterinary Association, not only in capitalization but remitting of monthly savings..
They urged UVA to keep to their promise to capitalize VetWealth SACCO to the tune of Ugx 200M. The SACCO intends to pay back the funds to UVA with interest.
UVA secretary Boniface Obbo pledged to support efforts of the SACCO.
“The executive of the Uganda Veterinary Association will mobilize all members through the regional chapters to join our Veterinary wealth Sacco. We will also promote its activities using all social media platforms and the website, in order to Increase the shares and saving in the Sacco,” he said.
A summary of the performance in the last 3 years is as follows:
|Total No. of Members||Number of Savers||Volume of Savings (Ugx)||No. Of Shares||Volume of Shares (Ugx)||No. Of Borrowers||Loan Portfolio||Profits Realized|