The Uganda Police Force has today revealed the assets that grew in their financial year which increased from shs59.6 billion to shs70.8 billion for the financial year ended December 2023.
Presenting the performance report at their annual general meeting, Superintendent of Police Eddy Ssekanjako, the treasurer of the SACCO, highlighted significant growth in financial metrics. Ssekanjako revealed that during the same period, interest income surged by 71.6%, escalating from shs3.89 billion in 2022 to shs6.68 billion in 2023. Concurrently, the net surplus experienced a remarkable increase of 150.3%, rising from shs1.98 billion in 2022 to shs4.96 billion in 2023. This remarkable growth was primarily attributed to the effective management of expenditures and timely receipt of member loan repayments.
Ssekanjako emphasized, “It is crucial to acknowledge that the surge in net surplus was primarily due to a significant increase in loan disbursements, stemming from heightened trust in SACCO operations by members, coupled with prudent expenditure management.”
According to the SACCO treasurer, there was a notable 54% growth in loans and advances, climbing from shs30.92 billion in 2022 to shs50.20 billion in 2023. “This underscores our SACCO’s commitment to enhancing members’ welfare through continuous provision of loans at competitive interest rates. Importantly, this loan growth trend has been consistently observed since our tenure began,” remarked the treasurer.
Savings also witnessed a modest increase, with the savings portfolio expanding by 3.1% from shs30.76 billion in 2022 to shs31.71 billion in 2023. Despite this growth, the Exodus SACCO treasurer encouraged members to persist in saving for their future.
Additionally, SACCO reported a noteworthy increase in share capital, which surged by 51.2%, reaching shs14.22 billion from shs9.41 billion in 2022. This was attributed to heightened awareness campaigns leading to increased share purchases. However, the treasurer stressed the importance of bolstering savings alongside share capital growth.
Dr. Wilson Omoding, the SACCO’s chairperson and Senior Commissioner of Police, expressed profound pride in the organization’s accomplishments over the past year. “We have made significant strides in fulfilling our mission of empowering members and positively impacting their financial well-being and the broader community,” Omoding remarked. He outlined the SACCO’s focus areas for the year, including expanding membership, increasing loan disbursement, promoting financial literacy, enhancing member engagement, and consolidating achievements.
Nevertheless, Omoding emphasized the need for a mindset shift among members to further improve welfare. “We must recognize that members’ attitudes toward saving, borrowing, and investing significantly influence the SACCO’s ability to fulfill its mandate. Therefore, members must continue to save, borrow, and invest purposefully in alignment with our core objectives.”
Established in 2007, the Police Exodus SACCO currently boasts 41,713 registered members, supported by 91 staff and 13 liaison offices.
