Introduction / Background
UPSTU MEMBERS’ SACCO was started with an aim of empowering science teachers in Uganda to manage their finances better and develop themselves as they perform their professional work.
This is to be done through training science teachers about financial management, boosting their savings and providing low interest loans to them to improve their earnings and enhance their livelihood.
UPSTU MEMBERS’ SACCO was started as a fundraising group in early 2020 to collect money for funding registration of UPSTU union and paying office rent. Members agreed to collect money and be used by the union but it would be refunded back later when the union stabilizes.
Thanks to God that the Union was registered in December 2020 and started getting funds from its members through subscription therefore being able to not only pay back the borrowed funds to the SACCO but also support it in many ways.
UPSTU MEMBERS’ SACCO was registered by the Ministry of Trade and Industry on 26/11/2020 and obtained a probationary certificate. It was then issued with a permanent certificate March 2023. Special thanks goes to the founding executive board led by founding chairperson Mr. Elong Vicent and founding Secretary Mr. Mugaiga Aron for the energy invested to steer the SACCO through its initial stages.
VISION
Leading provider of quality financial services to boost the welfare of science teachers.
MISSION
“To empower science teachers enhance their savings, access convenient credit facilities to promote their social economic welfare through competent and professional human resources and use of technology in the dynamic competitive environment.”
CORE VALUES
1. EQUALITY
2. CONFIDENTIALITY
3. ACCOUNTABILITY
4. TEAMWORK
5. DIVERSITY
6. INTEGRITY
Objectives
1. To promote the saving culture and financial security among members.
2. To create a source of funds from which members can borrow at a fair and reasonable interest rates
3. To ensure the progress of its members by educating them about proper financial management.
4. To provide an opportunity for each of our members to improve their social economic status through provision of mutual and self help among members.
5. To enhance unity amongst science teachers.
6. To perform all those functions and exercise powers designated for SACCO societies under the applicable role for the benefit of the members
MEMBERS’ BENEFITS
▷1. Safe custody of your savings
▷2. withdraw savings any time
▷3. Access to low interest loans
▷4. Share dividends on shares and savings
▷5. Group investments
▷6. Financial management trainings
HOW TO JOIN
▷1. Fill a membership form. DOWNLOAD HERE (pdf)
▷2. Pay a membership fee of UGX 50,000 (payable once)
▷3. Pay minimum shares purchase (5) each at UGX 10,000
▷4. Start saving (minimum UGX 20,000 per month)
Register online via https://upstu.org/saccosystem
| NAME | UGANDA PROFESSIONAL SCIENCE TEACHERS’ UNION MEMBERS’ SACCO |
| BANK | CENTENARY BANK |
| BANK BRANCH | KAWEMPE BRANCH |
| ACCOUNT NUMBER | 3100078447 |
Board Members
| NO. | POSITION | NAME | CONTACT |
| 1 | Chairperson | Kwizera Robert | 0782650164 |
| 2 | Vice chairperson | Avako Jesca | |
| 3 | Secretary | Luyima Edward | 0703250840 |
| 4 | Treasurer | Chemisto Sulaiman | 0772614483 |
| 5 | Secretary for mobilization and planning | Tugume Benson | 0774988420 |
| 6 | Secretary for projects | Narsi Bikomuhangi | 0772552878 |
| 7 | Member | Elong Vincent | 0776121074 |
| 8 | Member | Mugaiga Aron | 0783043246 |
| 9 | Member | Namulira Annet | 0703272524 |
Regional Coordinators
| NO. | REGION | NAME | CONTACT |
| 1 | CENTRAL | SSEMANDA DEUSDEDIT | 0703390577 |
| 2 | WESTERN | TUGUME BENISON | 0774988420 |
| 3 | EASTERN | WAMBI DIFASI | 0776247478 |
| 4 | NOTHERN | OBUA KIZITO | 0782307540 |
ABOUT SACCOs
A cooperative is a democratic form of business organized, owned and controlled by the members. All members have an equal say in how the cooperative is run for the promotion of their economic interests.
WHY JOIN A SACCO?
To access safe and sound financial services in a convenient and sustainable manner.
BASIC CRITERIA OF A SACCO
1. Member owned
2. Member used
3. Member controlled
4. Benefits members
SAVING EQUATION
A traditional economists’ saving equation
Savings = Income – Expenditure
The Entrepreneur’s saving equation
Expenditure = Income – Savings
TIPS ABOUT FINANCIAL MANAGEMENT
1. Never borrow when you shouldn’t
2. Avoid expensive money ie tame your desire for quick money
3. Never risk high value assets and collateral
4. Keep track of your debt obligations
5. Avoid unjustifiable multiple loans
6. Always meet your obligation timely
7. Minimize guaranteeing or cosigning
8. please always negotiate
9. Don’t keep your money seated
10. Manage yourself properly
11. Create time for self introspection
12. Read about financial management.