Senior Reporter
Bishop Johnson Twinomujuni of West Ankole Diocese commended the notable strides achieved by Jubilee SACCO in positively impacting lives within the diocese.
Addressing delegates at the 18th SACCO general assembly held at Tuzza Hotel in Bushenyi Ishaka municipality, Bishop Twinomujuni urged attendees to collectively earn, save, and invest with their spouses. He emphasized the importance of economic and physical empowerment, stressing that it not only transforms families but also strengthens the church.
Herbert Mugumya, the chief guest, expressed gratitude to the SACCO’s proprietor, current leadership, and the Church for their continuous efforts in alleviating poverty. He encouraged members to increase their shares and invest in the SACCO, thereby amplifying its financial impact on members’ lives.
Jonas Tumwine, the SACCO board chairman, highlighted the growth in both membership and share capital, citing an increase from 11,003 members and a share capital of 2,512,791,903 Shs in 2022 to 13,617 members and 3,027,344,486 Shs in 2023.
However, Tumwine acknowledged challenges such as loan defaults, multiple borrowing, low liquidity, lengthy court proceedings, and a volatile business environment.
The event was attended by Retired Bishops Magambo William and Yona Mwesigwa Katoneene, adding to the significance of the occasion.
