Col Joseph Freddy Onata, the CEO of Wazalendo Sacco, has advised saccos to resist the temptation of becoming commercial banks.

“Not only are the foundations and mission goals of saccos and banks different, but it is saccos that can bring about mass financial empowerment and transformation. Whereas banks make profits for their shareholders and they serve customers, saccos serve their members and make profits for their members,” he said. 

Onata was the keynote speaker at the official opening of the Ntinda, Kampala branch of Millennium Sacco 2012, on May 12, 2023. He added that Sacco leaders are elected from members whereas bank leaders are appointed from outside. Above all, the majority of banks are foreign-owned, and they repatriate their profits rather than invest in our economy.

While announcing that Wazalendo Sacco will go public next year, he shared that the idea of a bank had been suggested to them but they rejected it.

“So long as you ensure that your sacco is member-centred in all its activities, this will build a greater brand for you than being a commercial bank.”

With headquarters in Mbarara city, Millennium Sacco 2012’s Ntinda, Kampala branch is its eighth. Ronald Abaho, the general manager of Millennium, said the Ntinda branch is being treated as a pilot for Kampala, to guide them in opening three more branches in the capital city. It started operations mid-March 2023.

In less than two months, the branch has registered 85 new accounts, Shs 90.3 million in new savings and Shs 45 million in fixed deposits, and given out loans worth Shs 430 million.

Millennium Sacco 2012 is a brainchild of Ankole diocese bishop Rt Rev Dr Fred Sheldon Mwesigwa. It started in December 2012 on a small scale as a sacco for the diocesan staff only; its initial official name was Ankole Diocese Millennium Sacco. The bishop was the chief host at the Ntinda function.

Eng. Fred Tumwine, the chairman, explained that it was later decided that the membership include even non-staff of the diocese, and the name was shortened. He said anyone from any religious denomination can join the sacco because its goal is to spread financial empowerment and inclusion, and uplift communities.

Tumwine reported that the sacco so far has an asset base above Shs 21 billion, more than 21,000 members and a staff of 70 people. He reported consistent profitability despite the Covid-19 disruptions. In 2022 alone, the sacco made a net profit of Shs 1.4 billion. It paid Shs 340 million as taxes to Uganda Revenue Authority.

INVITATIONS TO OTHER DISTRICTS

Tumwine said that because of exemplary management and performance, Millennium has even been invited to open branches in other districts such as Katakwi and Kabale, among others.

Pamela Komugisha, representing Trade, Industry and Cooperatives, minister Francis Mwebesa disclosed that the ministry was taking a paper to cabinet soon to cause the revival of the Cooperative bank. She said such a bank would not repatriate the profits of its member saccos since it would be purely Ugandan-owned. By John Musinguzi, The Observer

The death toll in Kenya from a suspected starvation cult rose to 227 on Wednesday as police said they unearthed 15 more bodies from land associated with cult leader Paul Mackenzie.

Coast Regional Commissioner Rhoda Onyancha confirmed the grim update during a press briefing, further amplifying the magnitude of the heart-wrenching incident.

"The number of missing people has risen to 611," Onyancha added, referring to an earlier call by the police urging residents in the area to come forward and file reports on their missing loved ones

Police say that as the investigation progresses, the focus remains on unraveling the complex dynamics surrounding the cult, shedding light on the factors that allowed such a tragedy to unfold.

Hundreds of bodies have been found at Shakahola Forest in Kilifi County since mid-April during investigations into a cult run by Mackenzie, a pastor who leads the Good News International Church in Kenya.

He is accused of ordering his followers to starve themselves to death so they could go to heaven before the end of the world.

An investigation that started last month has revealed that some of the victims had their organs missing, which has led to suspicions of trafficking in human organs. - Andrew Wasike, Anadolu Agency

The police had accused Wekesa of engaging in cultism in Tongaren, claiming to be Jesus Christ. The officers said he had been teaching radical ideologies to his followers while engaging in money laundering, accusations that have all been dropped.

The prosecution had also said they had reasons to believe there were criminal activities of indoctrination being carried out at Wekesa's church.

Last Friday, the court granted the prosecution four days to hold the suspect so they can complete their investigations. However, the investigators found nothing incriminating against him. 

Wekesa's lawyer George Wajackoya condemned the arrest of 'Yesu wa Tongaren' saying it was politically instigated by leaders from Bungoma County.

"It is very wrong to incriminate a religious leader based on the Shakahola incident. This man is very innocent and his arrest was purely political. A lot of Bungoma leaders, including the governor, were on the forefront pushing for his arrest," Wajackoya told the court.

Wajakoya further noted that every religious leader has a right to preach the word of God and is protected by the Constitution.

The principal magistrate ruled that Wekesa had no case to answer after the prosecution failed to adduce any evidence before the court to enable his prosecution.

"The suspect has not been found with any offence following investigations that were done by police and therefore is set him free," ruled Mr Orlando.

Wekesa thanked the court for setting him free saying; "It is God's doing".

"I had earlier on said my lawyers would be the sun and the moon but God came through and placed a rainbow on my side in the form of lawyer Simiyu Wamalwa who has stood with me since the beginning, and Prof Wajackoya who has come today to stand with me. I don't take it for granted," said Mr Wekesa

Wekesa noted that he is not like other men of God who thrive in wealth but instead leads a simple and truthful life, preaching the word of God.

"On Saturday, I went with some police officers to my home during their investigations, and I was glad, being a sabbath day, they got a chance to witness and count the offerings that were collected; Sh250, six tomatoes and four onions," said Wekesa.  Wekesa told the court that his only wealth is his beard and the hair on his head. By Omelo Juliet , The Standard