The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The 2024 Veterinary Wealth Sacco Annual General Meeting (AGM) will be held next Saturday, September 21 at Media hall, COVAB, Makerere University from 9am. The theme this year is “Empowering the Vets to unlock their full potential through financial inclusion.”
The general secretary Uganda Veterinary Association (UVA) Dr Boniface Obbo stated that, “we are encouraging all veterinarians and veterinary paraprofessionals to join our veterinary wealth SACCO for affordable credit to grow our businesses.”
Dr Obbo added that, “This is an election year. Those with leadership skills and commitment, please do come forward and let us take the SACCO to the next level.”
At the AGM last year, the veterinarians’ SACCO, VetWealth, made a net profit of sh21million.
Chairperson Emmanuel Opio Emodu was last year confident about the future of the SACCO. He said ” the future of VetWealth SACCO is bright. We have drawn an ambitious budget to enable us not only sustain this performance but also build on it for even much better results.”
Those are the results that members will await eagerly in a week’s time.
From a humble beginning in June 2012 with a paltry 30 founding members, VetWealth SACCO has grown its membership to over 238 veterinarians and veterinary paraprofessionals from across the country. In the year 2023 alone, volume of savings was sh389 million.
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.
This year, organisers have also made a lot of promotional items for sale at subsidised prices in support of the SACCO. “Please do make your orders now and we can send to you by courier or you pick them during the AGM. These include:
💡Riding gear,together with gumboots ,reflectors and helmets (ideal for field vets)
💡Track suits: ideal for those who do fitness exercises
💡Tea cups and flasks: ideal for those driving long distances
💡Jumpers: highly recommended for the cold days
💡Jackets and hats
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 | |
| 2020/21 | 194 | 32 | 323,268,868 | 23718.8 | 237,188,000 | 38 | 716,410,991 | 865,789 |
| 2021/22 | 221 | 40 | 315,297,645 | 24922.8 | 249,228,000 | 46 | 763,074,115 | (621,080) |
| 2022/23 | 238 | 45 | 389,304,405 | 26666.8 | 266,668,000 | 52 | 735,627,414 | 21,607,654 |
