Senior police officers’ SACCO savings grow to UGX 12b

Kampala, Uganda | THE INDEPENDENT | The net worth of the Police Savings Association Limited, a savings and loan scheme started by senior police officers more than 30 years ago, has grown to 12 billion shillings. The growth, which came with increased investments in real estate was seen more over the last seven years, in which the scheme, grew from six billion Shillings.

Speaking during the group’s Annual General Meeting hosted at Nsambya Sharing Hall in Kampala, AIGP Edward Ochom, the chairman of the scheme cited the association’s piece of land bought in 2014 at Lubowa along the Kampala-Entebbe road in Wakiso district which is now valued 1.3 billion Shillings, doubling its purchase value.

Ochom and his committee said they were happy to be retiring from the management after their bold step of purchasing already finished estates in Kansanga at 1.5 billion Shillings about two years ago yielded results.

The estates are now valued at 4.4 billion Shillings. The other members of the investment committee are Assistant Commissioner Elias Onen Wanadi, Inspector of Police Afoyocan Emily Amina, Sergeant Catherine Namulwasira and Superintendent Patrick Karamura.

The Police Savings Association Limited was started as a saving scheme for senior officers, but later became accommodative to all officers regardless of their ranks. AIGP Ochom says that the groups’ 2,200 members have all benefited from loans and improved their welfare.

The Police Savings Association Limited has also developed estates in Lweza estate bought last year at 1.6 billion Shillings and now valued at 2 billion Shillings. According to other board members such as AIGP Joseph Mugisa and Senior Commissioner Christine Nanding, the association has up to 2.1 billion Shilling on a fixed account in United Bank of Africa- UBA.

The Inspector-General of Police Martin Okoth IGP Ochola said he would continue supporting the Police Savings Association and other savings schemes intended to improve the welfare of police officers. He also applauded retired police officers who have remained members of the association.

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