Be patient with us, your deposits are safe, Baraz Cooperative President implores members

Posted by News Express | 29 March 2021 | 663 times

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•Baraza Multi-purpose Cooperative Society President/CEO, Arc. Miebi Bribena

 

 

The President and the Chief Executive Officer of Baraza Multi-purpose Cooperative Society, Arc. Miebi Bribena, has implored its members to be patient with the management of the cooperative saying that no contributor’s money would be lost as management only faces minor challenges.

Bribena who disclosed this in an online interview session, said: “I wish to use this medium to inform all members of our cooperative to remain calm as issue of delay in payment will has resolved and they will surely get their pay as the new payment schedule procedure which they all agreed in the general meeting with members.

“As earlier stated in our general meeting via zoom on the 20th of March, 2021, the issues bothering on timely payments are issues that has been discussed and addressed.

“As stated in the Zoom meeting we are faced with a situation where abilities to change and withdraw our profits takes five to 15 working days as against the previous timeline of two to five working days, a situation that has far reaching implications for our man hour trading time. This has greatly affected our ability to meet target profits, he re-assured members to be confident with the cooperative that their money is safe and the business going smoothly.

“The other issue is regularisations of our payment which is being managed effectively. Our goal is to have a seamless payment system irrespective of top up etc.

“We want to reiterate that we do not have any issue with any government agencies or other bodies. We are a cooperative and are regulated by certain laws which have not been defaulted.”

He further clarified the members and the general public that Baraza Multi-purpose Cooperative Society is not an investment or a Ponzi platform but a cooperative society where members contribute and trade and share profit.

“Our inabilities to meet up payment clearly has more to do with our inability to change our currency to our medium of exchange within a short time frame.

“Kindly note also that suspension of April payment is done in good faith and in order to allow the management to design such model to combat these issues and serve you better.

“Always know that your interest is our primary concern and utmost goal and we will not renege neither will we abandon such noble objective.

“To this end we are working tirelessly to manage these issues and we assure you that normalcy will be restored shortly,” he assured.

Arc. Bribena further advised members of the Cooperative Society “to dissociate themselves from fake news peddled by envious individuals who are bent on seeing the co-operative society collapse.”


Source: News Express

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