Senior Reporter
Kyamuhunga People’s Savings and Credit Society Ltd (KYAPS) has been urged to follow the example of Wazalendo Sacco, which has significantly improved the well-being of its members over time.
Colonel Fred Onata, the CEO of Wazalendo Sacco, emphasized the pivotal role of savings and credit associations in enhancing the lives of community members. He highlighted the importance of trust, confidence, and loyalty among members, particularly leaders, stating that these values should be the cornerstone of every SACCO.
During KYAPS’s 25th annual general meeting at Kyamuhunga Catholic Parish, Colonel Onata warned against multiple borrowing, which he said poses a threat to SACCOs’ stability. He stressed the need for monitoring members’ accounts and sharing information to prevent borrowers from exploiting multiple SACCOs, which could lead to the collapse of these institutions.
Colonel Onata praised KYAPS for its sustained growth and exemplary performance in microfinance, urging them to intensify efforts in mobilizing savings and shares to ensure SACCO’s self-sustainability and retention of profits.
Paul Turyamureba Kahiigi, the SACCO board chairman, acknowledged the economic challenges, especially in the tea industry, but highlighted KYAPS’s remarkable achievement of posting a profit exceeding Shs2.281 Billion.
Kahiigi credited the government’s 2017 policy of waiving off the 30% Corporation tax for providing SACCOs with much-needed relief. He emphasized that KYAPS had saved approximately Sh2.5 Billion that would have otherwise been paid in taxes to the Uganda Revenue Authority.
John Bosco Atwijukiire, the SACCO general manager, mentioned ongoing research aimed at identifying interventions to support tea farmers in the area. He highlighted initiatives such as the Tuhwerane Health Scheme and school fees bursaries for needy students, emphasizing the SACCO’s commitment to supporting its members and the community.
KYAPS ranked fourth among SACCOs nationwide, boasts a membership of 45,000 across ten branches in seven districts: Bushenyi, Mitooma, Rubirizi, Kamwenge, Kyenjojo, Ntungamo, and Kanungu.
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