The Police Savings Association Limited (PSAL) has reported a net worth of Shs21.8 billion.
PSAL was started 36 years ago and has grown from being a police welfare association to a fully registered company limited by guarantee, aiming to improve the welfare of its members, to accumulate wealth through saving and invest for the betterment of their lifestyles.
Speaking during the 6th Annual General Meeting at Sharing Hall in Nsambya on Saturday, the sacco chairperson, Senior Commissioner of Police, Christine Nanding said while it has only 2,951 members it has grown by leaps and bounds.
“The total asset base is Shs10.4 billion. The association has so far disbursed a total of Shs10.2 billion worth of loans. Our fixed deposits are at Shs3.8 billion. When you add up all those, you have a total net worth of the association now at Shs21.8 billion,” she said.
She some of the sacco’s assets include its estate in Lubowa, Wakiso district, residential apartments in Lweza along Entebbe Road, Kansanga , Munyonyo and fixed deposits in several banks that rake in additional income.
SCP Nanding said where the members are currently about 2900, the saco’s aim is to ensure the over 55,000 officers of the police force join.
The acting Police Welfare director, Senior Commissioner of Police Timothy Halango, challenged the Sacco to translate its financial strength into a larger membership base, noting that most police officers were yet to join.
“We are a force of 56,500. How can this good association only attract 2,900 of them? Every day there are police officers who are looking for money and are getting that money from loan sharks. They are getting that money through very bureaucratic, lengthy and difficult conditions,” Halango said.
He argued that the Sacco could increase its lending capacity and investment opportunities by recruiting more members and mobilising additional savings.
“With more numbers, we are able to do much more. If we grow our pool of money, we shall be able to do much more for our members. We shall be able to become a force to reckon with,” he said.
Halango also urged the association to diversify its investments instead of relying primarily on conventional savings and lending activities.
He proposed investments in construction materials, concrete products, affordable plots of land and event equipment, saying such ventures could generate income while reducing costs for police officers.
“What about if Police Savings Association positions itself to supply building materials? We are going to build on a large scale for the next 10 years. That is an opportunity worth exploring,” he said.
He also suggested that the association consider purchasing large tracts of land and subdividing them for sale to members at affordable prices.
“Many of us are building. What about investing in bulk land and partitioning it to sell to members affordably? These are opportunities we need to look at,” Halango said.
Nanding said the association was also seeking to establish a permanent home after an earlier proposal involving land at Police Naguru failed to materialise. She said members would be asked to deliberate on alternative investments.
The chairperson further called for a review of restrictions associated with letters of undertaking, arguing that the requirements could discourage members from saving and accessing their own funds.
She also identified delays in activating salary deduction codes as a challenge affecting service delivery.
During the AGM, the best perfoming members were rewarded.