The Police Savings Association Limited -PSAL has revealed that its current investments in land and buildings in Kampala’s prime areas of Munyonyo, Kansanga, and Lweza are valued at more than 10 Billion Shillings.
While at the Annual General Meeting -AGM at police headquarters in Naguru yesterday, PSAL Board led by its Chairman Edward Ochom, said the value of land and buildings has risen because they used the last financial year to settle all issues that were related to ownership and transfers.
Some of the properties that were changed to PSAL name in the last financial year are the Munyonyo estate, and Kansanga estate as well as doing due diligence on land titles presented by commercial loan applicants as measures to ensure recovery of outstanding loans in case of default.
Other than property and land secured in PSAL name, Ochom said the Association registered new members who raised numbers from 2,271 to 3,130 in the last fiscal year. This achievement, Ochom attributes to a determined team that has been able to convince more police officers to join PSAL.
“Although the membership of PSAL was only 2,271 by the last AGM in January 2020, by the end f last financial year we had 3,130 members, thanks to the team that has been responsible for the recruitment. However, much more effort needs to be put to recruit more members to attain a target of 5,000 membership,” Ochom said.
The Inspector General of Police- IGP Martin Ochola, said the success of PSAL reflects in a practical way how police officers can organize themselves in a transparent manner to financially benefit from one another and help to make a difference in their general welfare.
“As I stated in the last AGM, the main purpose of forming the PSAL was to mobilise, invest, protect, lend, and support police officers. The founders had a mission of promoting the welfare of members for prosperity and development through savings, investment support, and, efficient utilization of resources to alleviate poverty,” Ochola said.
Assistant Commissioner of Police -ACP Godfrey Mate, explained that the PSAL loan he took in 2010 when he was Kalangala District Police Commander -DPC helped him to buy 10 acres of land where he grew oil palm.
“I earn approximately three million shillings monthly translating into 36 million shillings annually. This plant can be harvested for a period of 25 to 30 years. With the help of PSAL and SOPAG (Ssese Oil Palm Growers Sacco Limited) loans, I have managed to build my retirement house in the village and educated by children,” ACP Mate explained.
ACP Mate encouraged his colleagues in the police force of all ranks to involve their families in wealth creation and poverty eradication programs. He reminds civil servants that they don’t easily own security items such as land titles, vehicles log books, and houses in order to secure bank loans yet PSAL will not require such.
