There was an assumption that Mildmay would solve many of their financial needs by taking salaries in advance to cover the needs they had. That meant they did not have enough money to take them through the month and they would again take salary advances.
Some staff expected the organization to lend them money and others thought directors would lend personal money to them. Because this was becoming a common phenomenon, there was distraction of valuable time of directors as they were trying to sort out staff money issues. A solution had to be sought since the problem was getting bigger and more challenging to manage. The solution was to establish a staff welfare scheme that would cater for staff financial needs but in addition train staff to manage their own finances more effectively.
It was at that point, after great consultations with staff and after understudying organisations that were running such schemes that TM –SACCO was born as a staff welfare scheme. The scheme runs independently and is run by a committee that was elected by staff who are members of the scheme. Awareness on the benefits of the scheme is offered on a quarterly basis and staff savings have greatly increased. By end of 2004, about 100 out of 400 staff had registered as members of the scheme.
APCA, on hearing about testimonies of how the scheme has improved the welfare of staff, sought to join the scheme 2 years ago. Fortunately, the policy of the scheme allows for special categories of people to become members. Such members are called out of common bond members. Out of common bond members are people who were former members of Mildmay staff who expressed interest to remain members of the SACCO even after leaving employment at Mildmay. Out of common bond members also include members of organisations that collaborate with Mildmay and who enter into partnership with TM-SACCO. It is under this clause that APCA staff became members of the scheme and are enjoying the benefits of saving and credit as well as making investments.
Staff benefit by entrenching the saving culture, avoid borrowing from the banks and instead borrow against their savings in the SACCO as well as earning interest on their savings and dividends on their shares.
February 2015 marked a celebration of 10 years anniversary of the existence of TM-SACCO. Celebrations were proceeded by an AGM where the new leadership was elected. The Chairperson of the Mildmay Uganda board Professor Rev Sam Luboga was the chief guest. He was impressed by the performance of the SACCO which has registered growth from 100 members to 300 members and has increased their capital from about 100 million to now transacting at a tune of over 1.7 billion Uganda shillings which is more than 500,000 US Dollars. TM- SACCO is considered one of the best SACCOs in Uganda.
Professor Luboga presented gifts to former directors, current executive director, the chairman of TM-SACCO and other members of Mildmay for their outstanding contribution to the development and success of the SACCO. Recognition included best marketers, investors and long standing service on the committee. Celebrations were climaxed by the cutting of the cake and sharing of lunch.
Congratulations to Mildmay for the great innovation, the committee for steering the work, APCA for being members of this great scheme and to all who have made it happen.
In conclusion, the scheme has been a great success and has gone a long way to improving financial and investment literacy. This is a good case study of best practice that could be replicated by other palliative care organizations in Africa. We plan to do a full paper on this
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