Vendors Demand Audit of Mbarara Central Market SACCO

Vendors in Mbarara Central Market have petitioned the City Council authorities to carry out a special audit of the operations of their SACCO.

The vendors say the SACCO has remained inactive since 2014 and they have not received any audit report from the management.

Mbarara Central Market Vendors Savings and Cooperatives Organisation Limited was registered in 2010. 

According to Emmanuel Muhumuza the chairperson of the Mbarara Central Market Association, members of the SACCO have spent more than nine years without being called for an annual general meeting.

He adds that they were last given an audit report in 2014, and the SACCO had capital assets of 23 million shillings, a loan portfolio of 144 million and a membership of 500 people which members claim could have been mismanaged.

Muhumuza says he has received reports that vendors and some market leaders have been denied access to their savings and documents of the SACCO, noting that members want to know the financial status of the SACCO.

Sosten Mucurezi, who has 30 shares in the SACCO said they need new management to revive the operations of the SACCO as the current leadership “has lost transparency”.

She adds that in the last general meeting held in 2014, they were told the SACCO had started running mobile money business but since then the leaders have not provided financial records for the business.

In response to the accusations levied against him, the former chairperson of the Market, Nyombi says he is no longer interested in the leadership of the SACCO adding that they have appointed an interim committee that was tasked with verifying members and their shares plus all the SACCO books.

Hope Kyokunda, the general manager of the SACCO says they have given out most of the money in loans to members and have stopped giving out loans because members have defaulted noting that about 90 million shillings are out in loans.

Jocelyn Kiconco, the acting commercial officer of Mbarara City confirmed plans are underway to elect a new board to run the SACCO noting that an interim leadership is still verifying and auditing the SACCO internally.

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