Background
A Savings and Credit Cooperative is a finance entity which is owned, governed and operated by members, who have the same common bond (e.g Old Boys of TC), for their financial benefit, growth and development. SACCO’s have become popular in Uganda, as they help members, not only grow savings but also overcome challenges of obtaining financial services, particularly credit, from commercial banks that levy high interest rates. Through SACCOs, individuals have been able to benefit from/be part of large investment projects which they would have never imagined, through pooling resources.
The initiative for the St. Peters College Old Boys (OBs) to form a SACCO started way back during the 2018 SPECTOBA annual August retreat where one of the OBs Dr. Atiya Tolit tabled the idea during the OBs and Staff lunch in the school staff room, which idea was immediately seconded and passed. However, the idea didn’t take off until July 2020 when practical steps were realized. An inception meeting complimented by a guest speaker Mr. Henry Katongole the chairperson of the NACOBA Sacco, who shared the experiences of OBs Saccos was held online (Zoom), on 30th June 2020, and an Interim-Committee was put in place to complete the formation and registration of the SPECTOBA SACCO. This Concept brief clarifies the purpose of a SACCO, its ownership and benefits derived from member savings and shares.
The SPECTOBA SACCO was formed and registered by interested OBs of St. Peters College Tororo. The purpose of the SACCO is to mobilize and sensitize members to have easy access to Safe and Sound Financial Services in a Convenient and sustainable manner.
The SACCO serves to promote savings culture, provide loans and create investment opportunities to either individual members or corporately.
Ownership,Governance and Management
The executive committee is comprised of the following;
- 1. Chairman
- 2. Vice Chairman
- 3. General secretary
- 4. Treasurer
Membership fees and Annual Subscription
The one-time membership fee and annual subscription are used to run/manage the affairs of the SACCO. All new members pay a one-time membership of 50,000 shillings and 30,000 shillings as annual subscription fees. All members save a minimum of 50,000 shillings mandatory savings.
Shares
Ownership of the SACCO is through shares. Thus every potential member must purchase a minimum share of 20,000 making the member an owner of the cooperative. Once the share has been fully paid up, all other contributions go towards savings. Every willing member of SPECTOBA shall purchase ONE SHARE, worth 20,000 Shillings. No member, at any given point in time shall hold more than a 5th of the total number of shares held. Members earn dividends from their shareholding, the minimum shares each holds will be revised through an AGM.
Savings
Savings are deposited monthly by each member to build their saving portfolio but also as a way of mobilizing resources for the SACCO. Currently each member must save 50,000 shillings as the minimum and unlimited amount upper limit as the monthly savings. Savings unlike shares may be withdrawn on demand at any given time upon giving a two months’ notice to the secretariat.. A member’s savings help him obtain a loan from the SACCO while retaining their savings. One may borrow upto 80% of his savings while using his savings as collateral at a monthly interest fee of 5% and 2% one time administration fees.
One can also borrow upto 1.5 times his savings provided he is guaranteed by two guarantors who are members of the SACCO.
Currently part of members savings are invested in fixed deposit while some cash is available for lending to members. Interests from lending and other investments are paid out to members as dividends.
Loans
Members are encouraged to save toward loans. The SPECTOBA SACCO offers loans to members currently at monthly interest rate of 5%. Loans are ratio based on members’ savings and shares. Individuals who have established their credit worthiness through regular savings and are able to show ability to repay a loan can earn the privilege of borrowing these savings in the form of a loan. Some loans are made for productive, income generating activities, a business idea; other loans are made for provident purposes. It is the money obtained through sale of shares and savings deposits that is lent (money makes money). Loans are given on first come first come basis depending on ones credit worthiness. There is a credit committee charged with the responsibility of vetting and processing loans.
Dividends
Each member annually earns dividends on shares and interest on savings based on the prevailing market rate bench marked from other SACCOs. The more you save the higher the dividends. This is what makes a member to enjoy the benefits of belonging to the SACCO.
Accountability and Audits
The SACCO is audited annually and audited books of accounts presented at the AGM and periodically. Every Month members statement is shared on the SACCO WhatsApp platform.
Becoming a member and SPECTOBA SACCO Registration
Every paid-up member of SPECTOBA is eligible to become a Member of the SACCO
1. Pay the one-time membership fee of 50,000 shillings, 30,000 shillings subscription and 20,000 shillings for one-share to:
- Bank: DFCU Bank
- A/C No: 0118367856632
- A/C Name: SPECTOBA SACCO
Alternatively: Send Mobile Money to: 0776-407431 or 0703-462934 (Registered under the name of Julius Kumanya). (Bank deposits are encouraged; for Mobile Money, include withdrawal charges)
For inquiries please contact
- 0757 662726
- 0772-913833 treasurer
- Email:sacco@spectoba.online
Annual Event
The TC League happens annually
10+ Teams
Over 10 teams participate.
2024
This year the venue and date will be announced in due time
Our History
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What We Do
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Our Mission
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THE BERNARD ONYANGO ACADEMIC EXCELLENCE (BO ACE) AWARDS INTRODUCTION
St. Peter’s College Tororo a.k.a. ‘TC’ was founded by the Mill Hill Missionaries in 1932, and soon emerged to become one of the leading secondary schools in pre and post-independent Uganda. Thousands of eminent Ugandans and foreign nationals have passed through its gates on their way to greatness in numerous fields and disciplines in life. The most shining example of students who excelled during the school’s glory days was Bernard Onyango, the first student at the school to score hig distinctions in all the subjects of study in the Cambridge School Certificate examinations, the precursor to the current Uganda Certificate of Education (UCE) given by UNEB. Onyango went on to become the first African Academic Registrar at the University of East Africa—which brought together then colleges of Makerere, Nairobi and Dar s Salaam,; and the pioneer and most renowned Academic Registrar at both Makerere University and Uganda Martyrs University, Nkozi. Bernard Onyango—after whom one of the dormitories in TC is named—died on 14th October 2013. His 1948 academic record at TC had stood unmatched until the year of his death; when Isaac Munu scored aggregate 8 in 8 in the 2013 UCE exams. Following Onyango’s demise, members of St.Peter’s College Tororo Old Boys’ Association (SPECTOBA) met and discussed how to honour his academic legacy and use it to inspire students in TC and other Ugandan institutions to excel academically, while also doing so with honesty and integrity. The outcome of the numerous SPECTOBA discussions was the Bernard Onyango Academic Excellence (the BO ACE) Awards.
OBJECTIVES OF THE BO ACE AWARDS
- To inspire Ugandan students to excel academically and with honesty, by offering an award named after someone who lived by these values;
- To demonstrate to students that academic distinction is a value that is highly cherished and rewarded;
- To restore the historical glory and prominence that TC once enjoyed and restore the School to its rightful place among the giants of Uganda’s secondary education;
- To attract top performing pupils in the Primary Leaving Examinations (PLE) to join TC, and
- To retain top UCE performers at TC in the school for their Uganda Advanced Certificate of Education (UACE) studies.
THE BO ACE AWARDS CATEGORIES
The Awards shall initially be in two categories, namely: BO ACE Awards Class A and BO ACE Awards Class B.
BO ACE Awards Class A
This award shall be given to a student who scores aggregate 8 for 8 in the case of UCE or AAA, plus a Distinction in the General Paper (GP) in the UACE exams.
The Award Benefits
1. UCE winner who remains at the school for UACE shall receive:
- A Citation/Certificate
- A Trophy
- Full scholarship for their UACE studies
- A cash award ofUSD 400 (four hundred and fifty United States Dollars).
2. UCE winner who joins another school for UACE shall receive:
- A Citation/Certificate
- A Trophy
- Full scholarship for their UACE studies
- A cash award ofUSD 200 (Two Hundred United States dollars).
3. UACE winner shall receive:
- A Citation/Certificate
- A Trophy
- Full scholarship for their UACE studies
- Cash USD 600 (Six Hundred United States Dollars).
BO ACE Awards Class B
This award shall be given to a student who gets the best aggregate score in UCE provided their score is within Division One for UCE OR Highest points in UACE at TC during a given academic year, or a minimum of 15 points (AAA).
The Award Benefits
1.UCE winner who remains at their school for UACE shall receive:
- A Citation/Certificate
- A Trophy
- Full scholarship for their UACE studies
- Cash USD 200 (Two Hundred United States Dollars).
2. UCE winner who joins another school for UACE shall receive:
- A Citation/Certificate
- A Trophy
- USD 200 (Two Hundred United States dollars).
3. UACE winner shall receive
- A Citation/Certificate
- A Trophy
- Cash USD 300 (Three United States Dollars).
N.B. If a student qualifies to win both the BO ACE Awards Class A and B, such a winner shall receive all the benefits of Class A, but only an additional certificate for Class B
Many fundraising initiatives have been started by OBs of TC for the benefit of the school, most of these with quite aggressive targets. They have had varying degrees of success and sustainability, mostly due to the set amount to be contributed by each OB being rather high. Many OBs tend to drop off along the way when the financial pressures of the day begin to bare.
A few OBs, reflecting on the above trend, thought, why not set such a ridiculously low amount for monthly contribution that even when times are tough, an OB can still somewhat manage? The monetary equivalent of 4 drinks “of your choice” at an average hangout was thought to be a good benchmark and just like that the 20K initiative was conceived!
The initiative started off in 2020 with 16 active members led by Mr. Stephen Ojambo as Interim Chairperson and Mr. Bob Mayeku as Interim Treasurer. UGX 2,160,000/= was raised that year and duly banked on the SPECTOBA account on the understanding that it would only be spent on an initiative agreed upon by the 20K initiative members. Contributions for 2023 are ongoing.
It is in that regard that we call upon all gallant OBs of TC to join in and grow this fund; you will agree 20K a month is sustainable and yet impactful when all OBs of TC join in!!!
It may be huge task for one OB to make a UGX 100M contribution to their old school, but for 1,000 OBs, well it just takes 20K a month per OB for 5 months!!!!
Amount collected in 2020 and 2021 totalled to 5,265,000 shs. of which 3,000,000 shs. was used to reward teachers in 2021 in addition to 3m given by OB Apostle Dr.Suubi Julius.
Collections for 2022 totalled to 12,315,000 shs.. So we used a balance from 2020 and 2021 of 2,265,000 shs. and collections of 2022 of 12,315,000 shs. to reward teachers for 2022 totalling to 14,580,000 shs. The function to handover the cash took place on 11th March 2023. It was led by Nambwira Dan and Bob Mayeku.
Special contribution also came from Apostle Dr. Suubi Julius to top for admin to 1.3m. Dan added 140k, Bob 50k and Oudo 50k to cater for subsidiary A'level teachers
We are all invited to be part of this Initiative and we can make our contributions through Mobile Money using the following lines of our Treasurer Mr. Bob Mayeku 0772461473 or 0704122780. Karibuni Sana.
