14-member committee instituted to revive cooperative bank
By Mike Sebalu
The Ministry of Trade, Industry, and Cooperatives together with Uganda Cooperative Alliance, has kicked off a process of revive the defunct cooperative bank, KFM has learnt.
The bank was established in the 1960s as a commercial bank, but later closed on May 19, 1999 over alleged mismanagement and since then, efforts to revive it have been ongoing.
A 14-member committee with representatives from seven institutions has been launched today, August 1, 2023, by the Minister of Trade, Industry, and Cooperatives Henry Mwebesa at the ministry’s boardroom in Kampala.
The contributing institutions with each being represented by two members include; Uganda Co-operative Alliance Ltd (UCA), Ministry of Trade, Industry and Cooperatives, Walimu Cooperative Union, and Wazalendo SACCO.
Others include Parliamentary SACCO, Uganda Central Cooperative Financial Services (UCCFS), and Uganda Cooperative Savings and Credit Union Limited (UCSCU).
It is believed that with the revitalization of the cooperative bank, cooperators will ease access to affordable and appropriate financing for cooperatives in all sectors.
Speaking at the launch of the committee at the Ministry of Trade boardroom in Kampala, the Minister of State for Cooperatives, Fredrick Gume Ngobi implored them to develop a roadmap for the consultations.
