Exodus Savings and Credit Cooperative Society Limited
Exodus Savings and Credit Cooperative Society Limited, also referred to as Exodus Sacco, is a savings and credit co-operative society in Uganda. It is an institutional Sacco, composed of Uganda Police (UP) personnel and their families.[1]
| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2007 |
| Headquarters | Kampala, Uganda |
Key people | Laban Muhabwe chairman |
| Products | Loans, savings, investments |
| Total assets | UGX:20+ billion (US$5.5 million) (2019)[1] |
| Members | 30,000+ (2019)[1] |
Overview
As of April 2014, it had total assets in excess of UGX:7 billion, with approximately 21,500 members. Membership is restricted to those in active service with the UP and members of their families. The main objective is to mobilize savings from members and make loans to members at reasonable interest rates to improve their welfare. Exodus Sacco is the second-largest security forces-related Sacco in Uganda, behind the much bigger Wazalendo Savings and Credit Cooperative Society.[2] As of December 2019, membership in Exodus Sacco had risen to over 30,000, and total assets were valued in excess of USh20 billion (US$5.5 million).[1]
There is another Uganda Police Sacco called Police Savings Association Limited, which was started in 1989, and the two Saccos compete for members.[3]
History
The Sacco was formed in Kampala, in 2007, to be operated by members of the Uganda National Police, for the benefit of members of the UNP and their families. The concept was introduced to police units in other areas of the country, with mixed success.[4]
Branch network
As of April 2014, Exodus Sacco had only its main office in Kampala.
Governance
As of May 2012, Exodus Sacco was governed by a nine-member executive committee, chaired by Laban Muhabwe.[5]
See also
References
- Uganda Radio Network (2 December 2019). "Why Sabiiti Abruptly Postponed This Year's Police SACCO Meeting". Daily Monitor. Kampala. Retrieved 2 December 2019.
- Nakabugo, Zurah (11 April 2014). "Police Sacco To Offer Loans To Ugandan Public". The Observer (Uganda). Retrieved 2 September 2014.
- Bagala, Andrew (1 March 2012). "Senior Officers In Row Over Savings". Daily Monitor Mobile (Kampala). Retrieved 2 September 2014.
- URN, Reporter (4 April 2009). "West Nile Police Reject SACCO". Uganda Radio Network (URN). Retrieved 2 September 2014.
- Uganda National Police (28 May 2012). "Police Sacco Savings Hits Shs2 Billion". Uganda Police Force via Facebook.com. Retrieved 2 September 2014.
