March 4, 2024

Bududa teachers default UGX 100M Sacco loan

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BUDUDA

Teachers Sacco has failed to pay back a loan of 100 Million Shillings from Walimu Cooperative Savings and Credit Union Limited.

President Museveni gave Walimu Sacco 25 Billion Shillings as an initiative to help improve the teachers welfare.

In 2017, over 150 teachers from Bududa district borrowed loans from Bududa Teachers Sacco at an interest of 8% per annum and with a repayment period of two years. However, only 170 Million Shillings has been recovered from 100 teachers.

Robert Omongin Odeke from Walimu Sacco says the mode of recovering the money from the teachers has been very poor. He said they will not have any option but to forcefully deduct the loan from the teacher’s salaries.

Martin Nangolo, the chairman Bududa Teachers Sacco has pleaded with the teachers who have not remitted their loans to do so or else they face arrest.

Davies Matanda Shilaku, a teacher says that he borrowed 1.5 Million Shillings to pay tuition for his child, but received it in instalments.

Vincent Matanda, the senior education officer Bududa district confirmed receiving the names of those teachers who have failed to repay the Walimu Sacco loan but said he would look into the issue before deciding their fate.

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