The Uganda Medical Association Savings and Credit Co-operative (UMA SACCO) has been in existence for more than 7 years now and when I heard of it, I longed to be a member. However, as a Dental Surgeon, I thought this was not a place for me since I was not a member of the Uganda Medical Association. I consequently put this off and began looking for other sources of income. A friend of mine, with whom I had gone to Medical School, told me that there is a possibility of joining the Uganda Medical Association as an associate member and enjoy the benefits of the SACCO as a full member. He was not so sure of it so I told him that I would inquire about it. This I did and the SACCO leadership confirmed that I could join as an associate member.
Upon joining, I realized that it is my responsibility as a member to support the SACCO by making monthly savings since the SACCO is first and foremost a savings institution. This I embarked on and in my 4th month, I decided to test the credit part of the SACCO and requested my first loan. Being a first-time borrower, I thought there would be a lot of back and forth, and in my mind, I thought the process would take about 3 weeks to a month to get approval. I got my guarantors, submitted my request, and waited.
To my surprise, I got a reply in three days that not only had my loan been approved but also that my check was ready for pick up. This greatly surprised me and pointed to the fact I had been told that the SACCO is committed to quick approval and disbursement of loans requested by members. After paying back this loan, I got another one and before I paid up the second loan, I was able to get approval for a top-up loan. This has gone on and has built my financial relationship with the SACCO up until this day. This financial relationship has enabled me to achieve some of my financial goals. I was able to purchase land on which I am currently constructing my home, buy my first car and after it got an accident, replace it with my second car.
Many times in life, we are not able to have all the money we need to deal with our financial needs at that time. This especially applies to capital investments such as buying land, buying a car,
running a construction project, or starting up a business. Some of these situations require financial aid. The SACCO has been my first choice when it comes to this financial aid because it offers a quick approval of loans at a very friendly interest rate of 16% per annum. I have recommended the SACCO to many of my friends and I recommend it to anyone who will have an opportunity to read this article.