KAMPALA – Police Savings Association Ltd – (PSAL) is purely a voluntary saving association where officers contribute a specific amount of money each month. The officers are also afforded a turn to borrow at a very low-interest rate and satisfy their individual needs, the Inspector General of Police Martin Okoth Ochola has said.
Ochola made the remarks while presiding over the annual general meeting PSAL at Sharing Hall Nsambya on Friday, January 24.
He said that PSAL was started with a mission of promoting the welfare of members for prosperity and development through savings, investment support and efficient utilization of resources to alleviate poverty.
According to Ochola, the meeting reflects a practical way of how police officers can organize themselves in a proper manner to financially benefit from one another and help to make a difference in their general welfare.
He said the association was started with a background and description that the resource envelope from the government cannot be adequate to address all our officers’ needs, especially if not properly directed.
“The main purpose of forming the saving scheme was, therefore, to collect, invest, protect, lend, and support police officers. It was designed to respond to the dynamics of Police officers’ professional and personal challenges, and the enormous demands of their lives and times,” Ochola stressed.
He revealed that just like other SACCO’s, PSAL also faces some difficulties and hardships but it adopted ways to overcome such challenges.
Ochola noted that the scheme has grown exponentially, worth a massive membership although there is still a lot to be done.
“In view of Force’s commitment to encouraging savings, we support the many positive contributions and initiatives undertaken by PSAL and other saving schemes which are aimed at helping the Police officers and their families in raising their living standards,” he said.
He further added that “We have always believed that those who want to improve themselves should first help others to do so. I hope that PSAL will continue to uphold this spirit, and at the same time reach out to all other police officers, so that it can strengthen their financial stability.”
Ochola advised all the saving schemes should come up with more innovative and responsive solutions, and reach out more effectively to our officers especially those at the lower ranks that grapple with different challenges.
“As Police leadership, we will continue to support the initiatives and programs of these saving schemes, and work with them to ensure that no one in need of saving will be left behind without support. The leadership has also launched serious means to tackle the few problems experienced by our saving schemes and help them succeed,” he promised.
He implored the public to sensitize and attract other individual police officers to join these saving schemes to help themselves, and to provide for their future needs.
