By Claude Omona
Cultural chiefs in Acholi region on Thursday welcomed the idea of starting the Agriculture and Cooperative Bank in Uganda.
Lt Magufuri Moses Mugisha (Rtd) who is the brain behind the Agriculture and Cooperate Bank has been consulting with cultural leaders in Bunyooro, Mbarara, and now in Acholi region.
Magufuri said that the farmers and cooperators would own the Agriculture and Cooperative Bank.
Magufuri who is the national chief coordinator Agriculture and cooperative Bank Promoter said that the farmers would buy shares to strengthen the bank.
Ambrose Olaa the Prime Minister for the Acholi Cultural Institution welcomed the development saying it has been long overdue.
Rwot Collins Atiku, the chief for the Patiko clan, supported the initiative and said that most of the banks do not give enough time for borrowers to pay back money.
Rwot Oola Ojigi, the chairperson for the Acholi Chiefs, said that the Agriculture and cooperative bank would bail many Acholi from the claws of poverty.
Rwot David Onen Acana II, the Acholi Paramount chief, concurred with the earlier communications made by the Acholi cultural chiefs on the Agriculture and Cooperative Bank.
Magufuri has been making several strides towards this development. On March 1, 2023, he petitioned the parliament of Uganda seeking their support to add their contribution towards this progression.
Magufuri also appeal that President Museveni should support his plan through a no objection to have the name ‘Agriculture and cooperative bank’ reserved.
To keep the day-to-day businesses running in the Agriculture and cooperative bank, Magufuri said that they have reserved Sh370b collected from different investors within Uganda.
The last time Uganda had a cooperative Bank was in the late 1990s. Currently Uganda lacks such a bank and since then many farmers said they have not benefited in line with agricultural financing and security.