Kampala — Ugandans are losing billions of shillings every month, to fake Savings and Credit Cooperative Societies (SACCOS) countrywide.

The latest cases were reported in Jinja and Bugisu, where a group, calling themselves TEAM (Together Each Achieves More) conned over sh8b. The clients were tricked that if they deposited money, they would earn 50% monthly. Consequently, people sold their property and made deposits. However, months later, 90% of them had not received payments. TEAM later closed their offices and the directors went into hiding. TEAM was not registeredd with the Central Bank, meeaning the clients cannot recover their money.

There are many people being conned, even by the official Prosperity-for-All SACCOS. In most cases, members paid over sh10,000 as registration fees and even deposited more money, just like a bank. Two years down the road, most members have not got any returns from their deposits. In fact, even the state minister for finance in charge of micro-finance, Gen. Salim Saleh, recently lamented that most SACCOS had failed to meet their member's requirements.

To stop people from falling prey to thieves, the Government must organise sensitisation seminars on the operation of SACCOS. Otherwise the masses will lose trust in the intended programmes.