Exodus SACCO Board Treasurer SP Ssekanjako Eddy receives Award on behalf of the SACCO at the 2024 FiRe Awards after a good year of financial reporting. The SACCO was 3rd best among Cooperatives in reporting its financials.
Exodus Savings and Credit Cooperative Society (SACCO) has become a symbol of financial hope and empowerment for its members, especially within Uganda’s police force. Since its registration in 2007 (Certificate No. 8404/RCS), Exodus SACCO has provided a reliable alternative to the exploitative grip of loan sharks.
However, its rise to prominence hasn’t been without fierce resistance. Loan sharks, threatened by the SACCO’s success, have relentlessly tried to sabotage its progress—but Exodus SACCO’s resilience and commitment to its members have proven stronger.
The Leadership That Changed Everything
By 2019, Exodus SACCO was at a turning point. Years of internal challenges had shaken members’ confidence in the organization. Recognizing the need for change, a revolutionary leadership team was elected, ushering in a new era of accountability, transparency, and trust.
Led by Senior Commissioner of Police (SCP) Omoding Wilson Otuna as Chairperson, Superintendent of Police (SP) Ssekanjako Eddy as Treasurer, and SP Ashaba Osbert as Manager, the new leadership team introduced reforms that transformed the SACCO from a struggling institution into a thriving cooperative.
Key initiatives included:
- Rebuilding Member Trust: By prioritizing transparency, the SACCO re-established itself as a safe and reliable financial partner.
- Providing Affordable Credit: Tailored loan products gave members access to fair financial services, helping them break free from exploitative debt cycles.
- Loan Buy-Off Programs: The SACCO actively empowered members to pay off high-interest loans from loan sharks, ensuring their financial freedom.
These bold moves not only stabilized the SACCO but also reignited members’ faith in their cooperative. Exodus SACCO became a trusted financial institution once again, with its membership steadily growing.
Loan Sharks Fight Back
The SACCO’s resurgence came at a cost—not to its members, but to the predatory loan sharks who had profited from their desperation for years. With the SACCO offering affordable loans and buying off debts, loan sharks began losing customers and revenue.
But loan sharks don’t back down easily. Their business thrives on keeping borrowers trapped in endless cycles of debt through high-interest rates and intimidation tactics. As Exodus SACCO freed more members from these traps, the loan sharks resorted to underhanded methods to destabilize the SACCO’s leadership and tarnish its reputation.
Resilience in the Face of Sabotage
Despite these attacks, Exodus SACCO’s leadership has stood strong, focusing on what matters most: empowering its members and providing them with financial security. Through their transparent operations and member-first approach, they’ve set a shining example of how cooperatives can disrupt exploitative financial systems.
The SACCO’s commitment to financial literacy, ethical practices, and accessible loans continues to earn the trust of its members. Its ability to overcome external pressure while maintaining its mission of service has made it a true success story in Uganda’s financial sector.
A Victory for the People
The story of Exodus SACCO is more than just a tale of resilience; it’s a testament to the power of unity and good leadership. It’s proof that even the most entrenched exploitative systems can be challenged and defeated with determination and integrity.
As Exodus SACCO continues to grow, its journey inspires other cooperatives to stand up for their members and disrupt harmful financial practices. Loan sharks may try to sabotage their progress, but Exodus SACCO has shown that trust, transparency, and strong leadership can conquer any obstacle.
