The framers of the initiative hope to see the footballers get loans from the firm and start businesses for future prosperity
The Ugandan Premier League (UPL) has established a Savings and Credit Cooperative Society (Sacco) in a bid to support players against future financial problems.
The formation of the Sacco was confirmed during the Federation of Uganda Football Associations (Fufa) and the Super League Limited Annual General Meeting that was convened on Saturday in Mukono.
“It was a good turn up, many club chairpersons attended and those who failed, sent their respective representatives,” UPL chairman Arinaitwe Rugyendo said as quoted by Sports Nation.
“We exchanged good ideas and a lot has been suggested. We have formed a new Sacco, and I encourage players to come and join. We feel it is very important especially for the active players.
“They can borrow money and go start businesses. Many players always end up poor after misusing the money they receive from clubs.
“With this Sacco, they [players] can use the money later on in the long run and can start other businesses thereafter.”
Fufa third vice president Nakiwala Kiyingi – who represents clubs on the UPL Board – welcomed the idea which he feels will go a long way in empowering everyone, especially the current active players.
“As we talk today, financing is becoming key in football management. Presently, it is not easy to access any easier money without interests and security,” Kiyingi said.
Kiyingi, who has served as Express FC chairperson and Minister of State for Youth and Children Affairs, stated he would subscribe as one of the members of the initiative.
The initiative comes after many reports of former Uganda internationals struggling financially deep into their retirements after serving the nation and various clubs emerged.
Some players in the top-tier clubs have also faced delayed or none payments as teams have struggled to meet their financial obligations.
Recently, Fufa Disputes Resolution Chamber ordered Sports Club Villa to pay Emmanuel Kalyowa USh11.7 million.
The fines the club were ordered to settle accrued from the 10 months Kalyowa went without the monthly payment at the local giants in the absconded 2019/20 season.
When the league was cancelled, some clubs had to make calls to Fufa seeking financial help to deal with the adverse financial effects as a result of the coronavirus pandemic.
The UPL board is expected to come up with a clear roadmap in the next few months of how the Sacco will work.