KAMPALA, Uganda — Inspector General of Police Abas Byakagaba has urged police officers to adopt a savings culture to secure their financial futures.
Byakagaba made the call during the Uganda Police Exodus Sacco’s 12th Annual General Meeting at Police Headquarters in Naguru. The meeting was held under the theme “Strengthening Bonds, Amplifying Impact.”
“Saving is the key that unlocks prosperity,” Byakagaba said. “I want to emphasize that we must develop a culture of saving. The little we save today will be the security we rely on tomorrow.”
Byakagaba emphasized the importance of saving, regardless of the amount. He encouraged officers to prioritize saving over spending, citing Warren Buffett’s advice: “Don’t save what is left after spending, but spend what is left after saving.”
The police chief acknowledged the financial struggles many officers face, including expensive loans from money lenders. “The reality is that financial insecurity is one of the biggest challenges affecting our officers,” Byakagaba said.
“Many of our colleagues struggle with debts on account of expensive loans from money lenders and banks,” he added. “This is an area Exodus Sacco must work on keenly and serve its members better.”
Byakagaba urged Sacco leaders to encourage officers to make conscious decisions to save money, aiming to achieve at least a minimal level of financial independence.
“I implore you to encourage all our personnel to make conscious decisions and save no matter how little in order to achieve a minimal level of financial independence,” Byakagaba said, quoting Martin Luther Jr.: “You don’t have to see the whole staircase. Just take the first step.”
Byakagaba also emphasized the importance of building trust within the Sacco, stating that trust is established through accountability, strategic partnerships, and continuous improvement of internal systems.
“It is also critical that you build and attain trust from the members through accountability as well as continuous benchmarking, strategic partnerships, and improving internal systems,” Byakagaba said.
Byakagaba highlighted the power of collective saving, explaining that it creates a strong financial foundation. He stressed that when officers save together, they can access affordable credit, invest in their future, and protect themselves from unforeseen financial crises.
“When we save collectively, we create a strong financial foundation that enables us to access affordable credit, invest in our future, and protect ourselves from unforeseen financial crises,” Byakagaba concluded.
