The veterinarians’ SACCO (VetWealth) have announced a net profit of sh21million in the past financial year at the Annual General Meeting that sat in Kampala on Saturday.

The theme of the AGM was “Saving, Investing for Sustainable Economic Empowerment of Veterinarians in Uganda”.

Based on these results, the SACCO chairperson, Emmanuel Opio Emodu, affirmed that the future of VetWealth SACCO is bright after posting what he called brilliant results.

“We have drawn an ambitious budget to enable us not only sustain this performance but also build on it for even much better results,” Emodu said.

Emodu re-emphasized the goals of the VetWealth SACCO, which is to provide financial services to the members at reasonable interest rates compared to other financial institutions

The SACCO also promotes the welfare and economic interests of the members through exchange and sharing of ideas, information and experiences and provide education and training to members on financial matters like book keeping and investment.

From a humble beginning in June 2012 with a paltry 30 founding members, VetWealth SACCO has grown its membership to 238 veterinarians and veterinary paraprofessionals from across the country.

In the past year volume of savings was Shs389 million, bringing the net worth to close to Shs900, 000, 000.

The primary objective of the SACCO remains to inculcate a culture of saving among the members. The Savings are pooled together and lent to members at affordable interest rates. 

Some of the Savings is invested in other income generating projects like Money Markets.

The profits earned from these ventures are shared among the members, in short the SACCO does business on behalf of its members, the profits earned are shared by paying interest on Savings and dividends on shares.

The AGM resolved to invest in technology to enable members transact on line. This will include recruiting new members, saving and applying for a loans.

The AGM agreed to recruit an Admin Manager to closely oversee SACCO activities, rather than Board Members getting involved in the day to day operations of the SACCO.

Members also called for more support from the mother body, the Uganda Veterinary Association, not only in capitalization but remitting of monthly savings.

UVA secretary Boniface Obbo pledged to support the efforts of the SACCO.

“The executive of the Uganda Veterinary Association will mobilize all members through the regional chapters to join our Veterinary wealth Sacco. We will also promote its activities using all social media platforms and the website, in order to increase the shares and saving in the Sacco,” he said.