MP Robert Migadde Urges Colleagues to Use Parliamentary SACCO Over Moneylenders

MP Robert Migadde Urges Colleagues to Use Parliamentary SACCO Over Moneylenders

Buvuma Island MP Robert Migadde, who also serves as Chairperson of the Parliamentary SACCO, has urged Members of Parliament in the 12th Parliament to prioritize the SACCO for their financial needs, warning against turning to moneylenders who charge exploitative interest rates.

Migadde appealed to legislators to support and strengthen the internal financial institution, emphasizing that it exists to serve their collective financial interests. “This Parliamentary SACCO should be the financial institution of first choice to every Member of Parliament. I discourage members of Parliament from crossing to Parliamentary Avenue and going to moneylenders when their circle is here,” he said.

He explained that the SACCO offers a sustainable financial model where members not only borrow at affordable rates but also benefit as shareholders through dividends when profits are made. “When we make profit, they are also part of the shareholder. They share a dividend,” he noted.

Migadde further cautioned that continued reliance on moneylenders tarnishes the image of Parliament, particularly when MPs fail to meet repayment obligations and seek intervention from the Speaker. “We should move away from this business of members of Parliament running to the Speaker to save them from moneylenders. That is the only way we can redeem the image of Parliament,” he emphasized.

His remarks highlight an ongoing effort to promote financial discipline and self-reliance among legislators through the Parliamentary Savings and Credit Cooperative Society (SACCO), which aims to reduce dependency on high-interest borrowing and strengthen members’ financial stability.