By Emmanuel Okwii
SACCO operators in Amuria district have signed a partnership agreement with Centenary Bank in a move that is meant to ease loan recovery from borrowers. This was revealed by the Wera Rural SACCO manager, Mr Richard Ogire yesterday.
Mr Ogire said that borrowers who earned salary through the banks had become elusive in such a way that they rarely remitted their deposits to their lenders after receiving salary. He said the move would however ensure that deductions are made from the bank soon after the borrower’s salary is deposited.
“We have been having a problem with especially teachers. They borrow from us locally but they fail to bring the money when they are paid salary,” Mr Ogire said.
The SACCO operators also said that they intend to lend only those who process their loans with centenary bank in future.
“We are still consulting with Stanbic Bank over the same matter and we expect to reach an understanding with them too,” Ogire went on.