Welcome to another session of UPSTU’s ProDev Hour! This session dives deep into the Benefits of the Science Teachers’ SACCO, an initiative to financially empower science teachers across Uganda.
📝 Session Highlights and Flow
The session was moderated by Mr. Angutoko Paulino Jacinto, the Regional Chairperson for the West Nile region and a key member of the Professional Education and Standards Committee of NEC, welcoming everyone to the UPSTU ProDev Hour. Jacinto set the stage for a valuable discussion on economic empowerment, highlighting UPSTU’s commitment to empowering science teachers. The main speaker, Mr. Luyima Edward, took over and began with a brief background on the SACCO. He expressed gratitude to the UPSTU leadership and the Secretariat staff for organizing the session and introduced the Science Teachers’ SACCO as a platform designed to improve the financial stability of science teachers. Luyima discussed how the SACCO, which was officially registered by the Ministry of Trade, Industries, and Cooperatives on November 26, 2020, aims to eventually grow into a science teachers’ bank.
Throughout his presentation, Luyima emphasized the SACCO’s principles and core values, such as voluntary membership, democratic control, and a commitment to transparency, equality, and teamwork. He highlighted the SACCO’s mission to promote economic participation, autonomy, and inclusiveness among its members. Luyima then walked members through the operational structure of the SACCO, outlining key policies related to membership, shareholding, savings, and loans. He explained how these policies ensure transparency, equity, and financial stability. Members were informed of the different savings and loan products, including ordinary savings, compulsory savings, group savings, and more, all tailored to meet the unique needs of science teachers. Luyima highlighted the recent reduction in loan interest rates, aiming to make loans more accessible and affordable.
During the interactive Q&A session, members had the opportunity to clarify their doubts and receive guidance from Luyima. Notable questions included those on the maximum shares a person can hold, loan eligibility criteria, and minimum savings requirements. Sharon from Oyam raised questions about shares and deductions, while Tukuma Benson provided clarity on the distinction between the Union and the SACCO, encouraging members to leverage the benefits of both. Gerald Kawa inquired about loan limits and the SACCO’s presence in Western Uganda. Luyima addressed each question, explaining processes such as group loans and the SACCO’s loan policy, which factors in both shares and savings for loan eligibility. He also highlighted the SACCO’s efforts to bring financial literacy to its members, ensuring they have the resources to manage their finances effectively.
• How to Join UPSTU Members’ SACCO
o Complete a membership form (available online at https://upstu.org/sacco or at SACCO offices).
o Pay one-time membership fee (UGX 50,000), purchase minimum shares (UGX 50,000), and start monthly savings (minimum UGX 20,000).
o Membership becomes fully registered upon completion of these payments.
• Bank Details for UPSTU SACCO:
o Bank: Centenary Bank, Kawempe Branch
o Account Number: 3100078447
The session concluded with Betty Auma, the National Secretary for Education, giving closing remarks. She emphasized the importance of understanding the membership structures of both the SACCO and the Union, encouraging members to fully utilize the financial empowerment opportunities available through the SACCO.
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