By Alex Gahima
As Uganda joins the rest of the world to celebrate women this week, a dark cloud hangs over Kisoro Female Billionaires Co-operative society, where more than 100 million shillings in loans has been defaulted by women.
The all-women’s revolving loans facility was started back in 2014 by businessman and philanthropist Ceasor Augustus Mulenga of Kingdom development.
The objective was to help women of humble means to access soft loans at 3% to add value to their businesses and support their families.
Kisoro Female Billionaires Abagwije is part of three other financial institutions including, Profit Kisoro, Gir’inka Mulenga Cooperative Society and Yes Duchuruze Hamwe.
The Chairperson of Kisoro Female Global billionaires Juliana Munderi says, the essence of starting the financial institution was to help add value to women.
According to Munderi, the group currently has more than 4000 women as members from all Sub counties in the district.
She says it is true that majority of the members are defaulters which is unbecoming.
“Women have always been known to be good stewards and people you can trust to pay back money. Despite the challenges we are currently facing, we have not lost hope in our women”, Munderi said
She further called on the women to find all ways to repay the money because it would be shameful to have to send Police to arrest women.
Rose Manirakiza, the treasurer says the association has agreed to a grace period of two months before stringent actions can be taken to save the cooperative society from collapse.
Manirakiza, who is the former Kisoro district LCV vice chairperson says the asset portfolio of Kisoro Female billionaires is slightly more than 100 million.
“We are demanding more 100 million shillings from our members who have stubbornly refused to repay the money, this is unacceptable, Manirakiza explained.
According to Manirakiza, close to 500 women in the association are salary earners. She says, the executive is planning to write to the Chief Administrative officer to ensure the money is recovered.
“It is painful to know that we have some loans that date back to 2014 when we first started. It seems these women think the money was a free gift from King Ceasor, Manirakiza pointed out.
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