Save for retirement, military officers urged

26Feb 2018
Edward Qorro
The Guardian
Save for retirement, military officers urged

THERE is life after retirement was the main message that dominated proceedings of NGOME Savings and Credit Co-operative Society (NGOME SACCOS) meeting held here at the weekend.

 The meeting was convened to sensitise military workers and personnel the need for financial discipline, management and savings. It was also aimed at familiarising the military personnel, both in service and retired, with the existing policy guidelines governing the cooperative society.

Speaking on the sidelines of the seminar, NGOME SACCOS Chairperson Colonel Eric Mhoro reminded the military officers not to forget life after service even as they continued to reap benefits of the Savings and Credit Co-operative Society.

Mhoro noted that most officers end up living miserable lives upon retirement because they fail to invest wisely during their service.

“We are here today to prepare them psychologically for retirement on how they can embark on their new lives without any hitches,” he said.

Col Mhoro added that the Credit Co-operative Society which comprises of 12,466 members had posted Sh3billion worth of revenue this year from Sh8million it had registered in 2007 when it started.

He singled out the construction of Ngome Holdings Building in Dar es Salaam as one of the milestones registered by the Savings and Credit Co-operative Society.

“Such endeavuor is what keeps us motivated,” he said.

According to Col. Mhoro, plans are underway to open an office in Dodoma later this year to spearhead the government’s zeal of relocating to the country’s capital.

Vice chairperson of the sacco Cpt Joseph Hodari Likapite described the seminar as a rare opportunity presented to officers with a view of equipping them with financial and savings skills.

He said many officers lacked financial management and saving skills which come to show after retirement when they begin to live lives of misery.

“It is for this reason that we’ve organised such a seminar to furnish them with saving skills and it is our hope that they’ll be disciplined when it comes to financial matters,” he added.