UPDATES : Cooperative society members urged to go digital

With advancement in technology, members of cooperative societies in Uganda have been urged to go digital in whatever they do.

 

Speaking on Wednesday, Ivan Asiimwe, the General Secretary of Uganda Cooperative Alliance said it is high time that cooperators took advantage of the Investor Club App, a digital means through which Saccos, village savings groups, investment clubs and others can transact.

“In the past financial records of saccos , village savings groups and cooperatives were in the hands of the few administrators like chairperson, secretary and treasurer. There was a scenario where a chairperson swallowed financial records of the group as members had come to collect their money thereby leaving no proof behind for people’s savings. This can however be saved if records are digital,” Asiimwe said.

“Its easy to trace an accounting under digital system unlike in the manual system where you’re required to have all staff work 24/7 to track a minor error recorded in the system.”

According to the Uganda Cooperative Alliance General Secretary, with over 18 million members, cooperative societies in Uganda ought to move away from doing things manually and embrace the digital drive.

“At times, treasurers who keep records at their home have become target for robbers but this can be avoided if we go digital. With majority of Ugandans having phones, it makes it easy to make transactions and keep records,” Asiimwe said.

Angella Nandawula , the Head of Business and Institutional Banking at House Finance Bank Limited said the new app is one of the ways of  driving financial inclusion in the country.

“We are trying to drive financial inclusion where even the lowest person is involved in earning and saving what they earn. This way, we shall drive our economy,” Nandawula said.

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