STAFF REPORTER
Kajara People’s Sacco has held its 22nd Annual General Meeting at Rwamugyenyi Heritage Hotel Rwashamaire in Kajara, Ntungamo district.
The Sacco, which started its operations in 2002, is now operating in four branches: Rwashamaire Town Council main offices, Kiyenje, Kafunjo, and Ntungamo, with a membership of 6,401 members.
Akimu Kyagera, the Vice Chairperson Board, who represented Maj. Gen. (Rtd) Jim Willis Byarugaba, the Chairperson Board of Kajara People’s Sacco, who did not attend the meeting due to health problems, thanked delegates who represented their zones and commended the saving culture of all members.
Akimu highlighted some of the achievements Kajara People’s Sacco has made in the financial year 2024, including receiving 606 new members, bringing the total membership to 6,401 as of today, a loan portfolio of UGX 3.4 billion, purchasing plots of land in Ntungamo, Kafunjo, and Kiyenje where branches of Kajara Sacco are located, mobilizing all branches of the Sacco, especially in Kampala, providing 40 boda boda motorcycle loans to different groups, issuing more loans to members, and purchasing five motorcycles for credit officers’ use, among other achievements.
However, Akimu also acknowledged some challenges the Sacco has faced, such as competition from other Saccos, a low saving culture, high rental costs for branches, members acquiring loans from multiple financial services and failing to repay, and poor utilization of borrowed money or loans.
Akimu further highlighted some of the future plans for Kajara People’s Sacco, including the construction of branches at Kiyenje and Kafunjo, the completion of the Ntungamo branch, intensive training of board members and delegates, and the purchase of a pickup truck for cash transit and supervision.
Yusuf Akamukwasa, the General Manager of Kajara People’s Sacco, introduced all 20 staff members working in the Sacco. Yusuf urged members to embrace cooperative principles, comply with laws and policies governing Saccos, cultivate a saving culture, engage members through zonal meetings and training, and work hard to curb loan defaults.
Yusuf also outlined some challenges faced by the Sacco, such as the misuse of Sacco funds, where members acquire loans and use them for leisure instead of investment, and the decline in financial discipline caused by the COVID-19 era, which affected the financial stability of members.
Yusuf further highlighted future strategies for the next five years, including growing savings and membership, skilling members through training and sensitization, and increasing share capital by 200%.
During the AGM session, members unanimously appointed the recent leadership to remain in office for the next four years, led by Maj. Gen. (Rtd) Jim Willis Byarugaba as the Chairperson Board and his team.
Different affiliates working with Kajara People’s Sacco, such as Post Bank, Ntungamo SACCO Union, and Sure Pay, pledged to further foster partnerships, unity, and support for the success of the Sacco.
Best savers and loan users were appreciated with prizes, including Katakweba Amon and Muramuzi Elias as the best loan users, Standard College Rwashamaire as the best institute in saving, Hon. Steven Tashobya as the best saver, and Ntungamo branch as the best-performing branch of Kajara People’s Sacco.
Sezi Nuwagaba, the District Commercial Officer, thanked the leadership of Kajara People’s Sacco for their efforts in uplifting the Sacco and recognized it as one of the best in Ntungamo district. He further urged members to prioritize saving to ensure the Sacco remains active and continues supporting members through various loan products such as school fees, home development, and agriculture loans.
Isaiah Kayamahanye, the RDC of Ntungamo district and Guest of Honour at the AGM, thanked Kajara Sacco for inviting him and for holding its 22nd Annual General Meeting. He called upon members to fight poverty with the same zeal preachers use to fight Satan in churches. He also urged members to embrace and get involved in government programs such as PDM, Emyooga, and Operation Wealth Creation to boost their livelihoods and sustain family development.
Isaiah also advised members to enroll their children in schools they can afford rather than choosing expensive schools that increase financial strain and poverty among families. He encouraged members to invest in profitable ventures rather than joining groups that only focus on acquiring household items like mattresses, cups, and plates, which are stored away for long periods. Instead, he urged them to invest in productive assets such as goats and cows, which generate profits in a short time.
