Page 49 - SACCOStar Mag Vol 46 Press_txt.pdf

INTERNATIONAL NEWS ROUNDUP

CREDIT UNIONS SUPPORT AMERICA TANZANIA: REDUCE INTEREST OF LOANS
SAVES WEEK TO SMALL ENTREPRENEURS

"QDCHS 4MHNMR @QD @LNMF SGD CHUDQRD MNMOQN?S FNUDQMLDMS PARLIAMENTARY Budget Committee Chairperson George Simbachawene
academic, and business groups to encourage and support G@R@CUHRDC?M@MBH@KHMRSHSTSHNMRHMSGDBNTMSQXSNKNNJHMSN@KSDQM@SHUDRNE
reducing loan interests, especially to small entrepreneur groups.
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Speaking at the Mpwapwa Teachers’ College Savings and Credit Cooperative
Held in conjunction with Military Saves Week, America Saves Society (SACCOs) annual general meeting yesterday, Simbachawene said,
Week is a national opportunity for organizations to work r2 "".R SG@S N?DQ GHFG HMSDQDRS Q@SDR @QD FNHMF ADKNV SGDHQ S@QFDSR SN
together within their communities to transform the lives of reduce poverty and improve the economic status of their members,” said
millions of Americans. Mr Simbachawene.

America Saves Week encourages people to save money, identify “The majority of SACCOs are short lived due to high interest rates, whose
a savings goal such as college tuition or a car, and create a plan D?DBSR@QDCNVMSNSGDLDLADQR@RSGDXB@MMNS@BBDRRSGDKN@MRVHSGRDS
to reach that goal. Military Saves Week promotes the same plan rates,” added Mr Simbachawene.
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all joined forces and contributed to the setting up of the SACCOs the high
“America Saves Week and Military Saves Week promote savings, rate interest problem would have been history.
which is a core Credit Union value,” said Ryan Donovan, CUNA
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r"4- DMBNTQ@FDR "QDCHS 4MHNMR SN For his part, Mpwapwa Teachers SACCOs Chairman Piniel Loilole said last
HMROHQDLDLADQRNEDUDQX@FDSNS@JDBNMSQNKNESGDHQ?M@MBH@K year they issued 82m/- loans both as development and emergence loans
lives. America Saves Week and Military Saves Week are also a to members.
great way for Credit Unions to build momentum for National
Credit Union Youth Month in April.” Moreover, he said, there were some members, who did not service their
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activities and services to encourage people to start or increase He mentioned a big challenge they encountered last year was that some of
their saving, including incentivized savings accounts, the use of the members, who had taken loans were on the list of ghost workers and
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counselling, and social media encouragement.
Source: https://allafrica.com/stories/201901080361.html
April is National Credit Union Youth Month, sponsored by
CUNA. CUNA will also sponsor the annual National Youth Saving EMBRACE SACCOS TO IMPROVE YOUR
Challenge during April. LIVELIHOODS - KADAGA

The challenge encourages young Credit Union members to The Speaker of Parliament, Rebecca Kadaga has urged more Ugandans to
save as much money as possible. join Savings and Credit Cooperative Organizations (SACCOs) around the
country to improve their livelihoods.
Source: https://news.cuna.org/articles/115617-credit-unions-
support-america-saves-week Kadaga said the cooperatives have contributed to the wellbeing of many
Ugandans thus calling for increased membership in the SACCOs.
CUNA, WORLD COUNCIL SUPPORT
PROPOSAL PROVIDING FATCA RELIEF The Speaker made the remarks while launching the Balyegera Kwiife
SACCO based in Bupadhengo sub-county, Kamuli District on Friday.
CUNA and the World Council of Credit Unions jointly wrote
to support the Internal Revenue Service’s (IRS) proposed rule Kadaga boosted the SACCO operations with Shs2 million and two sewing
reducing regulatory burdens related to the Foreign Account machines which she said ought to help the members to earn a living and
Tax Compliance Act (FATCA). The adoption of FATCA added in turn support their families and the community at large.
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particularly those engaged in remittances and have non-U.S. “I know many women are engaged in tailoring so these machines will help
citizens as members, and CUNA has advocated for its repeal them to serve the community and get money to support their families,”
in the past. Kadaga said.

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"QDCHS4MHNMR@QDBK@RRH?DC@RrVHSGGNKCHMF The Chairperson of the Baryegera Kwiife SACCO, Ali Mpasa, said that
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VHSGGNKC@S@WNMRNLDBQNRRANQCDQO@XLDMSR@RVDKK organization which are building the community socio-economically.
as maintain compliance with a network of intergovernmental
agreements “We have several associations that impact positively in our area including
one for Boda-bodas, a farmers’ group, a women’s development group and
“We strongly support many aspects of this rule that will a sports club for the youth,” Mpasa said.
reduce unnecessary regulatory burden for Credit Unions
including the elimination of withholding on payments of gross 'DSNKCSGD2OD@JDQSG@SSGDHQ@FQHBTKSTQ@KD?NQSRG@CMNSXHDKCDCCTDSN
proceeds from the sale or other disposition of any property of the harsh drought conditions and thus called on her support to the SACCO
a type which can produce interest or dividends from sources with agricultural inputs.
within the United States,” reads the letter, signed by CUNA
President/CEO Jim Nussle and World Council President/CEO Kadaga on her part committed to engage Kasolwe Stock Farm in Kamuli
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their farming operations.
Source: https://news.cuna.org/articles/115599-cuna-world-
council-support-proposal-providing-fatca-relief “I know how tough the dry season has been; I will talk to the managers at
Kasolwe to provide your SACCO with some seeds and animals that you can
rear to boost your incomes,” said the Speaker.

Source: https://www.kampalapost.com/content/news/embrace-saccos-
improve-your-livelihoods-kadaga

47| SACCO Star Magazine