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sacco Tagged Articles
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Another Microfinance Institution (MFI) Closes in Uganda as Chaos Continues in the Sector
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| The Support Organisation for Micro Enterprises Development (SOMED), a microfinance firm in the Kibaale District of Uganda was shut down in December last year while police claim they are investigating allegations of extortion, embezzlement and fraud. The company had been offering low-interest loans since 2004. |
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9.3.1 The CRDB Bank: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
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| The CRDB Bank, 90 per cent owned by DANIDA (the government still holds 10
per cent of the shares) provides both wholesale and retail lending services. Reportedly, it
has a 40 per cent share of the micro-finance market, with centralized lending provided
through their 24 branches. |
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Other sacco Related Articles
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Ugandan Government to Set up Laws for Regulating its Microfinance Sector
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| During the 2007 Citigroup Micro-entrepreneurship awards ceremony in Kampala on January 10, 2008, State Minister for Microfinance, Caleb Akandwanaho announced that a new law regulating the activities of microfinance institutions will take effect in June 2008.
The law is meant to bring an end to corruption in Uganda’s savings and co-operative organizations (SACCOs) following dozens of complaints from customers claiming to have been fleeced of their savings, and police investigations in September 2007 of four savings and co-operative organizations (SACCOs) suspected of fraud, including the suspension of The Support Uganda Savings and Cooperative Society, and arrests of SACCO heads. |
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