On February 1st, 2023, the Right Honorable Deputy Speaker instructed the Committee on Defense and Internal Affairs to investigate the activities of the Uganda Police Force Exodus Credit Union, following concerns raised by the Minister of State for Internal Affairs regarding involuntary deductions from police officers’ salaries for savings with the credit union. The results of the investigation were presented to parliament on February 2nd, 2024, along with proposals for action.
Exodus Credit Union acknowledges the committee’s findings. However, the report failed to adequately cover the evolution, accomplishments, and hurdles encountered by Exodus Credit Union from 2020 to the present, including enhanced member engagement, growth in loans and savings, and financial empowerment.
In response to the recommendations, Exodus Credit Union management has corresponded with the cooperative registrar to address the concerns raised in the report, providing relevant documentation. Furthermore, management has engaged with the Police Council, as the credit union was established by a council resolution in 2007. The recommendations from both entities will inform future actions.
Exodus Credit Union operates in line with the cooperative principle of Self-Governance and Independence. It is an independent, self-help organization managed by its members, with no interference from Police Management. It operates under the auspices of the Uganda Police Force to enhance officers’ well-being.
The credit union interacts directly with its members through various channels such as the Board, Management, Delegates, Community Liaison Officers (CLOs), and Unit commanders, providing updates on credit union developments, including shares, savings, loan products, system upgrades, and addressing member queries.
The Annual General Meeting, governed by Regulation 20 of Cooperative Societies Regulations and Article 16 of the Exodus Credit Union By-Laws, oversees the credit union’s operations and leadership transitions.
Exodus Credit Union maintains an up-to-date membership roster, prioritizing accuracy and reliability to adhere to regulatory obligations outlined in the Cooperative Societies Act.
Membership experienced a minor decline to 41,798 in 2023 due to retirements, voluntary departures, and member fatalities. Nonetheless, the credit union witnessed substantial growth in its loan portfolio, with a 48% rise, reaching UShs. 45,819,315,737. Savings withdrawals remained significant at approximately UShs. 557,000,000 per month, constituting over 69% of savings deposits during the period. Loan disbursements totaled UShs. 28,695,750,000, with total assets reaching UShs. 69,970,607,712, share capital at UShs. 13,106,997,012, and member savings at UShs. 31,174,370,467.
Exodus Credit Union remains committed to openness, accountability, and member autonomy. We appreciate the committee’s suggestions and assure stakeholders that appropriate measures have been taken to address each concern.
From ensuring voluntary membership to effective communication with members and adherence to regulatory standards, Exodus Credit Union prioritizes member well-being and satisfaction, promoting equity, inclusivity, and responsible financial stewardship.
The Police extend their appreciation for the assistance and guidance provided by regulatory bodies, stakeholders, and members. As they move forward, they remain committed to continuous enhancement, responsiveness to feedback, and excellence in serving members and advancing the cooperative ethos.
